MTV announced Thursday, Aug. 7, that Beyonce will perform and receive a special honor at the 2014 Video Music Awards on Aug. 24 Credit: Kevin Mazur/

All hail Queen Bey! As suspected, Beyonce will play a major role in this year's MTV Video Music Awards on Sunday, Aug. 24. The "Flawless" superstar is set to be honored with the 2014 Michael Jackson Video Vanguard Award, the network revealed on Thursday, Aug. 7. 

"Over the course of MTV history, the Michael Jackson Video Vanguard Award has been presented to exemplary musicians who have made an incredible and long-lasting impact on pop culture," an announcement on MTV's website read. "When it came time to choose the 2014 VMA recipient, one particular name stood out above the rest—global entertainer, singer-songwriter, and philanthropist Beyonce." 

Bey joins an exclusive list of past recipients including Madonna, Britney Spears, Justin Timberlake, Beastie Boys, Red Hot Chili Peppers, and Michael Jackson himself, who won the honor in 1988. She's up for eight other awards, too, including Video of the Year, Best Female Video, and Best Choreography.

Blue Ivy's mom is also set to take the stage to perform at the 2014 MTV VMAs, which will take place at The Forum in Inglewood, Calif. This will be her fourth time performing at the event; she previously stole the show in 2006, 2009, and 2011.

The "Pretty Hurts" singer just wrapped the U.S. leg of her joint On the Run tour with husband Jay Z on Wednesday, Aug. 6, amid rumblings of marital problems. The couple have two more dates in Paris following the VMAs.