The prize will be presented in an invitation-only ceremony to be held on February 11, and formal acknowledgment of the honor will be made during the 54th Annual Grammy Awards telecast, which will be held at Staples Center in Los Angeles on February 12 and broadcast live at 8pm on CBS.
In addition to Ross, other Lifetime Achievement honorees will include the Allman Brothers Band, Glen Campbell, Antonio Carlos Jobim, George Jones, the Memphis Horns, and Gil Scott-Heron.
This year's Trustees Award honorees are Dave Bartholomew, Steve Jobs and Rudy Van Gelder; while Celemony and Roger Nichols are this year's Technical Grammy Award honorees.
Ross won a Special Tony Award in 1977 for An Evening With Diana Ross. She received an Academy Award nomination for her portrayal of Billie Holiday in Lady Sings The Blues and played Dorothy in the film version of the Broadway musical The Wiz. Among Ross' additional honors are eight American Music Awards, a Kennedy Center Honor, and a Golden Globe Award.