With 21 Grammy awards to his name already — tied with Kanye West for the hip-hop act with the most Grammys — JAY-Z will be honored with the Grammy Salute to Industry Icons Award at next year’s pre-show gala. Hov will be recognized for his achievements and contributions alongside fellow industry legends Clive Davis, Berry Gordy, L.A. Reid, Debra L. Lee and Sir Richard Branson.

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“We are absolutely thrilled and delighted to honor JAY-Z with this year’s GRAMMY Salute to Industry Icons Award,” Neil Portnow, President/CEO of the Recording Academy, said in a statement. “His contributions as an industry trailblazer and music visionary only begin to touch on the tremendous impact he’s made both in entertainment and beyond. JAY-Z also embodies the vibrant spirit of New York City and we couldn’t imagine a more fitting honoree as we return to Manhattan for this year’s GRAMMY Awards.”

“JAY-Z is a quintessential icon and I couldn’t be happier and more excited to share the evening with him,” added Clive Davis, who’s set to co-host the pre-show gala. “What a night this will be!”

Having also dropped one of the best albums of the year with 4:44, the Grammy Salute to Industry Icons Award might not be the only trophy JAY-Z walks away with next year. The 60th Annual Grammy Awards take place at NYC’s Madison Square Garden on January 28. Nominations will be announced on November 28.

Related: JAY-Z Performs “BAM” with Damian Marley & “4:44″ on ‘SNL’