The 67-year-old will receive the Lifetime Achievement Award, while comedian Steve Harvey will be handed the Humanitarian Award for his philanthropic contributions at the annual ceremony, which honours actors, musicians, films, music videos and athletes.
This year's top nominee is singer Chris Brown, 22, who is up for six awards and will also perform on the live show.
Alicia Keys is also slated to perform.
The 2011 BET Awards are set to take place on June 26 at the Shrine Auditorium in Los Angeles.