Abba are one of the biggest-selling acts in pop history
Abba are to enter the US Rock and Roll Hall of Fame along with four other acts including UK prog-rockers Genesis.
The Stooges, Jimmy Cliff and The Hollies will also be inducted in a ceremony in New York on 15 March.
The performers were chosen from a longlist announced earlier this year, which had included the Red Hot Chili Peppers and rock band Kiss.
It is unlikely that Swedish band Abba, who disbanded in 1983, will stage a reunion performance for the event.
The pop quartet had been previously nominated for induction but failed to make the final cut.
Genesis keyboardist Tony Banks told Billboard there is a question mark hanging over their performance due to frontman Phil Collins' recent back surgery.
"Phil's got a few physical problems at the moment which means I don't think he'd be able to play," he said. "We'll face that particular hurdle when we get to it."
Iggy Pop and the Stooges are known for their exuberant live sets
The Hollies formed part of the British "invasion" of the US charts in the 1960s, while The Stooges - featuring singer Iggy Pop - have been nominated for the Hall of Fame on seven previous occasions.
Jamaican singer Jimmy Cliff is given credit for introducing reggae music to a broader audience.
A number of non-performers involved in the recording industry will also be honoured at the ceremony, including music producer David Geffen.
Songwriters including Jesse Stone and Otis Blackwell - whose credits feature Great Balls of Fire - will also gain recognition.
The Rock and Roll Hall of Fame is open to artists who have released a record at least 25 years prior to their induction.