The songstress follows in the footsteps of Garth Brooks, who took home the award last year

A true icon!

Pink is set to be honored with the Icon Award at the Billboard Music Awards on May 23, PEOPLE can exclusively announce. The singer will also hit the stage for a hit-filled performance.

"As a little girl, I always dreamed about being a singer and sharing my love of music with the world," Pink, 41, said in a press release. "Years later, to receive the Billboard Music Awards Icon Award is hard to fathom!"

"I feel so honored to join the ranks of music idols like Cher, Garth Brooks, Janet Jackson and Stevie Wonder," she added. "It's a true 'pinch me' moment and I feel humbled and blessed."

Pink is only the tenth person to earn the award. Other recipients include Mariah Carey, Céline Dion, Prince and Jennifer Lopez.

Last year, Brooks took the award and hit the stage for a medley including tracks "The Thunder Rolls," "Dive Bar," "Friends in Low Places" and "The Dance."

Pink last hit the BBMA stage in 2016, when she performed her hit "Just Like Fire."

Credit: Jon Kopaloff/FilmMagic

Among this year's BBMA nominees, The Weeknd leads with 16 nods, followed by rapper DaBaby with 11 nominations and the late Pop Smoke with 10 nods. Gabby Barrett and Megan Thee Stallion are the two women nominees with the most nominations with nine and seven nominations, respectively.

The 2021 Billboard Music Awards — hosted by none other than Nick Jonas — will air live on Sunday, May 23 at 8 p.m. ET / 5 p.m. PT on NBC.