The veteran British musicians are set to receive the titles of Commanders of the Order of the British Empire (CBE).

Earlier this month, Mick Jagger, front man of the Rolling Stones received his knighthood at Buckingham Palace.

Clapton and Davies join World Wide Web inventor Tim Berners-Lee, who became a knight, and tennis star Tim Henman, made an Officer of the Order of the British Empire, or OBE, on the annual New Year's Honors list.

In descending order, the honors are knighthoods, CBE, OBE and MBE. Those who are awarded CBEs, OBEs and MBEs have no title but can put the letters after their names.