The award recognizes musicians "whose influence, longevity and creativity puts them in the very top ranks of UK artists" and Weller will join previous recipients including David Bowie, Sting, U2 and Duran Duran.
In related news, Weller recently spoke to NME on the subject of a Jam reunion:
Nah that would never happen. Why would I want to go back? For nostalgic reasons? That's never good enough," he told Uncut. "My philosophy is to embrace the new day and get on with it. If The Jam reformed now it'd just be a sad cabaret and that's not what I'm about at all.
The 47-year-old vocalist released his eighth solo album, As Is Now in October.