The 65-year-old former Olympian, who recently underwent gender transition from male to female, will receive the Arthur Ashe Courage Award at the event, which will be held on July 15.
The award is presented annually to individuals, whose contributions "transcend sports".
She is yet to decide her dress for the ceremony, reported Radar Online.
"Caitlyn has not decided on which designer to pick but every designer imaginable wants to dress her," a source said.
"The biggest designers in the world are literally begging to be the one she chooses. She wants to wear red because she feels that red compliments her skin tone amazingly, and it's also her favorite color of lipstick. The color is also very feminine and goes great on any carpet," the insider said.