The Recording Academy announced that they would honour the two musicians with the Lifetime Achievement Award at a private ceremony held a day before the Grammys, reported Ace Showbiz.
Other names set to receive the prestigious prize include Buddy Guy, country duo the Louvin Brothers, saxophonist Wayne Shorter, French composer Pierre Boulez and Texas Tejano musician Flaceo Jimenez.
"This year we pay tribute to exceptional creators who have made prolific contributions to our culture and history," Recording Academy President-CEO Neil Portnow said in a press statement.
Grammys will be held on February 7, 2015.
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