Ravi Shankar is set to receive a postumous Lifetime Achievement honor at the 2013 Grammy Awards.
"Their exceptional accomplishments, contributions and artistry will continue to influence and inspire generations to come."
The announcement, made by Recording Academy bosses, comes just hours after the celebrated sitar player died, aged 92.
Soul band The Temptations, classical pianist Glenn Gould, jazz musician Charlie Haden, blues singer Lightnin' Hopkins, country star Patti Page and singersongwriter Carole King will also be recognized for their outstanding contributions to the music industry at the 55th annual prizegiving, which is due to take place in Los Angeles on 10 February.
Meanwhile, songwriting duo Marilyn and Alan Bergman, known for penning hits such as Nice 'N' Easy and You Don't Bring Me Flowers, will be presented with the Trustees Award, alongside the founders of Chess Records, the late Leonard Chess and his brother Phil, and former Capitol Records executive Alan Livingston, who passed away in 2009.
Neil Portnow, President of The Recording Academy, says, "Each year, The Academy has the distinct privilege of honouring those who have greatly contributed to our industry and cultural heritage, and this year we have a gifted and brilliant group of honorees. Their exceptional accomplishments, contributions and artistry will continue to influence and inspire generations to come".
News of Carole King's Lifetime Achievement Award caps off a great couple of weeks for the music legend - she unveiled her star on the Hollywood Walk of Fame on 3 December and was saluted by singers including Katy Perry, Alicia Keys, Vince Gill and John Legend at the celebrity-packed Celebration of Carole King and Her Music show in Los Angeles the following day.