Sir Paul grew up in Allerton, a suburb of Liverpool
Sir Paul McCartney is to be honoured with a specially-created Ultimate Legend award at the MTV Europe Music Awards in his home city of Liverpool.
The former Beatle is not expected to play at Thursday night's show but will pick up his prize in person, MTV said.
It said the award was created to honour "one of the most formative influences on the music scene on a global scale".
Take That and Beyonce are among artists performing at the event, which will be hosted by US singer Katy Perry.
The event's executive producer, Richard Godfrey, said it was fitting that the 15th anniversary of the awards would see MTV saluting Sir Paul "in his home town".
"Sir Paul's dedication to sharing his experience and nurturing the next generation of talented artists is remarkable," he added.
MTV Networks International chairman Bill Roedy hailed Sir Paul as "one of the true greats".
"Not only has he has been one of the most formative influences on the music scene on a global scale, but he is one of the founding fathers that has earned Liverpool the recent accolade as most musical city in the UK."
The European Capital of Culture won the most musical city title after an online poll set up by the Arts Council.
MTV says Thursday's event at the city's Echo Arena will be watched by an audience of 30 million.
Joining Take That and Beyonce on the bill will be Pink, Duffy and The Killers.
Coldplay and Duffy lead the nominations with three each followed by Britney Spears, who has two.
In September, Sir Paul played his first gig in Israel in front of an estimated 40,000 fans.
The Beatles were scheduled to perform there in 1965 but were prevented from taking to the stage because of fears they could "corrupt the nation's youth".