The former Oasis singer will pick up the trophy at the music magazine's February 29 ceremony at London's O2 Academy in Brixton.
"I would like to thank NME for bestowing upon me such a great accolade," Gallagher said in a statement. "I have dreamt of this moment since I was 43 years old. I accept that I am now a genius, just like God."
Explaining the decision, NME editor Krissi Murison praised Gallagher for being "opinionated, intelligent, passionate and always hilarious", adding: "Noel walks and talks it better than any other musician out there, and it's just one of the reasons why the British public loves him so dearly.
"That he keeps pushing boundaries as a solo artist proves that there's a long way to go in the story of one of the most talented musicians Britain has ever produced."
Other winners of the 'Godlike Genius' award include The Clash, The Cure, Manic Street Preachers and Joy Division. Foo Fighters and Nirvana star Dave Grohl took the title at last year's NME awards.
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Watch the video for 'AKA... What A Life!' by Noel Gallagher's High Flying Birds below: