The 72-year-old hitmaker will be celebrated with a series of tribute performances on March 31 as part of the venue's annual music education benefit, which aims to raise funds for underprivileged youths, reported E! online.
The line-up of artists singing from Simon's back catalogue will be announced at a later date.
The concert series has helped to raise over USD 1 million for various charities over the past nine years.
Past honourees include Bruce Springsteen, Elton John and Prince, who was the 2013 honouree.