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The Stooges frontman and solo artist follows in the footsteps of previous winners including Alice Cooper and Jimmy Page.
He said: "All those years of banging away in the dives and palaces of the weird universe of rock are finally adding up to something.
"The other people who have received this award are absolutely awesome, and I feel very lucky to be included."
The recipients of the other awards presented at the ceremony will be voted for by the readers of Classic Rock.
Iggy recently announced that he would be reforming the Raw Power lineup of The Stooges, who will play a live show in the UK next year.
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