The announcement was made Thursday by Neil Portnow, president and chief executive officer of the MusiCares Foundation and The Recording Academy, and Bill Silva, chair of the MusiCares Foundation Board.
Proceeds from the Jan. 24 event will go to support the organization, which "ensures that music people have a place to turn in times of financial, medical and personal need," a release said.
"We are honored to celebrate Carole King as the 2014 MusiCares Person of the Year," Portnow said in a statement. "Her contributions as a songwriter and performer have truly changed the landscape of pop music, and her philanthropy speaks volumes about her generosity and personal passions. We are also grateful to the extraordinary artists who have announced their desire to be a part of what will undoubtedly be a magical and inspiring evening."
"Carole's artistic output is remarkable in its depth, her influence and charitable legacy are equally impressive, and her approach to art and life is enthusiastic and joyous," said Silva. "It is going to be an exceptional MusiCares Person of the Year tribute, and we also want to express our gratitude to our tribute chairs and musical director whose participation will ensure the success of our annual benefit."