Kanye West is set to receive a lifetime achievement award at the MTV Video Music Awards as the network announced on Tuesday. The multi-millionaire will accept the event's highest honor, the Michael Jackson Video Vanguard award, in recognition for his visual mediums.

The celebrated 35-year-old stars'  "ground-breaking videos, legendary performances and continued impact on music, art, fashion and culture" will now be recognized. He is following the footsteps of the previous winners which include Madonna, Beyonce, Britney Spears, Justin Timberlake and The Rolling Stones according to BBC.

The famous American rapper has been already nominated for more than 30 VMAs in the past. Unfortunately, he just won two categories which was the best male video for "Jesus Walks" in 2005 and the special effects Moonman for "Good Life" in 2008.

However, as reported by L.A. Times the songwriter has not yet announced if he's going to take the stage as he receives this honor. The viewers and his fans will expect an epic moment once he decides to perform his greatest hits.

Moreover, the record producer marked the VMA's history with a very controversial moment. To recall, he interrupted Taylor Swift's speech as she accepted the Best Female Video award for her song "You Belong With Me" in 2009.

In a report by Hello! Magazine, Kanye believed that the said recognition should have gone to his fellow black singer, Beyonce. He jumped onstage and said: "Yo Taylor, I'm really happy for you, I'mma let you finish, but Beyoncé has one of the best videos of all time."

Anyhow, the 25-year-old hitmaker have since reconciled with the husband of Kim Kardashian. In fact, they were seen together at the 2015 Grammy Awards.

"I feel like I wasn't ready to be friends with (Kanye) until I felt like he had some sort of respect for me," the "Blank Space" crooner told Vanity Fair. "And he wasn't ready to be friends with me until he had some sort of respect for me - so it was the same issue and we both reached the same place at the same time."

Meanwhile, the girlfriend of Calvin Harris leads this year's VMA nominees with nine nominations. It includes the Moonman award for her fierce and action-packed music video for "Bad Blood."

Ed Sheeran follows her with six recognitions, including video of the year for "Thinking Out Loud." Too, Beyonce, Kendrick Lamar and Mark Ronson has five nominations each as said by BBC.

MTV Video Music Awards will be held at the Microsoft Theater in L.A. on Aug. 30, Sunday. It will be hosted by Miley Cyrusm with the performances of include Demi Lovato, Pharrell Williams, The Weeknd, Macklemore & Ryan Lewis and Twenty On Pilots with A$AP Rocky.