Beyonce has often called him one of her biggest musical inspirations, so receiving the Michael Jackson Video Vanguard Award will certainly be a huge honor for the R&B superstar.

The 'Partition' singer will be awarded the prestigious trophy at the 2014 MTV Video Music Awards. Queen Bey will be in the same company as Madonna, Britney Spears, R.E.M, Justin Timberlake, Peter Gabriel and, of course, Michael Jackson who've all received the award in the past.

Beyonce is also performing at the event and leads all other artists with eight VMAs nominations, including a nod for Video of the Year for 'Drunk in Love.'

The MTV Video Music Awards will air live from the Forum in Los Angeles, Calif., on Aug. 24 at 8PM ET.

Congrats Mrs. Knowles!