The coveted accolade has previously been awarded to the likes of Celine Dion, Prince, Jennifer Lopez and Stevie Wonder.
She started dating the entrepreneur at the end of 2019, and the couple made their romance public in January 2020.
She is set to receive the Icon Award at tonight's annual Billboard Music Awards ceremony, where she will sing Believe in her first awards show performance in 15 years.
He was replaced by certified public accountant John Zabel.
The the conservatorship, first enacted in 2008, will be terminated altogether.
Dion confirmed her heart will go on with her at the 2017 Billboard Awards, but it was her backstage antics that revealed her more playful side she has so eagerly displayed recently.