Iman is set to follow in the footsteps of Salma Hayek and Julianne Moore, and be honoured with the third Franca Sozzani Award later this month.
The 64-year-old supermodel - who is the widow of 'Space Oddity' hitmaker David Bowie, who tragically passed away in 2016 after battling liver cancer - will follow in the footsteps of Salma Hayek and Julianne Moore by receiving the annual prestigious honour later this month.
The award was set up by the son of the late Vogue Italia editor-in-chief and recognises women who stand out for their artistic careers and social commitment.
Iman - who has created inclusive skin-care collections and has been heavily involved in humanitarian work throughout her long-running career - will receive the gong ahead of the 76th edition of the Venice International Film Festival at the Belmond Hotel Cipriani.
Sozzani's son Francesco Carrozzini will present the prize, and he revealed he is happy she is the recipient because her dedication to the fashion industry has always been "bold and innovative".
He told WWD: "Iman's work has disrupted the fashion industry in a way similar to Franca's: bold, innovative and inclusive.
"Using her platform to the best of its potential, Iman's work from lobbying the CFDA for an increase of diversity on the runway to impactful humanitarian work, displays her true passion and focus. We are truly honoured for her to accept the Franca Sozzani Award."
In 2018, Hayek was the second person to receive the iconic Franca Sozzani Award, and thanked the late fashion mogul, who died of a rare form of cancer in 2016, for "motivating" her to "engage in social causes".
In her speech, she admitted: "This award means a lot to me, it's very moving. Franca was always an inspiration; I was in awe of her. With her example she motivated me to do things that I never thought possible doing; she was so special.
"I've been engaged in social causes dear to my heart for 25 years now; what's fashionable today, for me it's just my life! It's nothing new to me, it's not something of the moment; it has always been there. Now this is on everybody's mind, but I've been committed for a very long time. I do so many different things! The environment is also crucial for me, but definitely the most important work I do is for and with women."