The BBC said the 62-year-old former lead singer of The Stooges is to receive the award Nov. 2.
"All those years of banging away in the dives and palaces of the weird universe of rock are finally adding up to something," the BBC quoted Iggy Pop as saying.
"The other people who have received this award are absolutely awesome, and I feel very lucky to be included."
Past winners of the honor include Ozzy Osbourne, Jimmy Page and Alice Cooper.
2014: The Year in Fashion [PHOTOS]
Mindy Kaling mistaken for Malala Yousafzai