The honor will be presented May 23 at the Warner Theatre in Washington and taped for broadcast June 27 on PBS, Billboard said Monday.
Simon's former singing partner, Art Garfunkel, is among the artists confirmed to participate in the festivities. Others include Ladysmith Black Mambazo, James Taylor, Stephen Marley, Marc Anthony, Lyle Lovett, Yolanda Adams, the Dixie Hummingbirds, Lyle Lovett, Philip Glass, Alison Krauss and Buckwheat Zydeco. Television personalities Bob Costas and Lorne Michaels are the scheduled presenters.
The Gershwin prize was initiated to honor "the profound and positive effect of popular music on the world's culture," according to its creators.
2014: The Year in Music [PHOTOS]