The legendary musician had been the only member of The Beatles not to have a star on the famous sidewalk. He had previously been nominated to receive a star in 1998 but the ceremony could not be scheduled.
McCartney will receive his honour at a ceremony outside the Capitol Records building in Los Angeles - where the singer recorded his latest album Kisses on the Bottom.
Diana Krall will play an exclusive set with McCartney during the event, which will be screened on iTunes at 7pm (PST).
Ringo Starr was awarded his Hollywood Walk of Fame star in February 2010, while John Lennon, George Harrison and The Beatles as a collective have previously been honoured.
Sir Paul McCartney will perform at the Queen's Diamond Jubilee Concert this summer alongside the likes of Sir Elton John and Sir Cliff Richard.
> Paul McCartney: 'I still can't believe I was in The Beatles'
Listen to Sir Paul McCartney's 'My Valentine' below: