Her solo album The Dutchess, released in 2006, was the first debut album from a female artist since 1990 to generate five top 10 singles.
The My Humps hitmaker will be handed the honour - which pays tribute to a trailblazing female music artist - at a ceremony in New York on 2 December (10).
"I am humbled and excited to accept the Billboard Woman of the Year Award," Fergie said.
Previous honourees include Beyonce, Ciara and country music veteran Reba MCEntire.
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