The former Nirvana drummer and current Foo Fighters frontman will be given the honour at the O2 Brixton Academy on February 23, as well as play a set with the band.
Commenting on the award, Grohl told the magazine: "I don't think I'm godlike or a genius. It’s flattering.
"It's a nice thing to be acknowledged for doing something you love to do, but in truth I don't consider it a body of work because I don't consider it work."
Previous recipients of the award include New Order, Manic Street Preachers, The Cure, The Clash and Paul Weller.