The 51-year-old rocker will receive the accolade in an induction ceremony on March 21 in front of the Musician's Institute at Hollywood Boulevard in Los Angeles.
His website made the announcement today (16.03.11), adding, "Everyone is welcome to attend!"
The news comes just a day after the 'Everything I Do (I Do it For You)' hitmaker announced he is expecting his first child with his personal assistant Alicia Grimaldi, who is due to give birth in May.
He told TV show ‘Entertainment Tonight Canada’: "Alicia Grimaldi and I are expecting a baby. She helped me start my foundation years ago and it looks like she'll be running the family now!"
However, a spokesperson for the star - who is currently touring the US - declined to comment on whether he is in a relationship with the mother of his unborn child, who is rumoured to be living with him in London.
An insider said: "Many of their friends still don't even know that they are a couple, but they are living together at his house."
Celebrities who have received stars on the Walk of Fame this year include Colin Firth, Donald Sutherland, Adam Sandler and Alec Baldwin.
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