The legendary musician will be celebrated for his outstanding career success, which has spanned 45 years.
A statement issued by Paul Williams, Ascap president and chairman, reads: "Tom is the very definition of an American music icon. Not only is he one of the most admired and beloved songwriters of our time, his music continues to be a major influence and inspiration to new generations of songwriters today.
"He has earned music's highest honors - Grammys, induction into the Rock and Roll Hall of Fame, the distinction of being one of the bestselling artists of all time."
Previous honorees include Billy Joel, Sir Paul MCCartney, Carly Simon, Stevie Wonder and Neil Young.
Meanwhile, pop group fun. will be presented with the Ascap Vanguard prize at the Pop Music Awards in recognition of their impact on the American music industry.
The ceremony will be held in Los Angeles on 23 April (14).