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Carole King Named as MusiCares Person of the Year

The year's tribute to King will include Bette Midler, Lady Gaga and James Taylor

Carole King will be honored as the 2014 MusiCares Person of the Year, the foundation announced on Thursday.

The singer and songwriter behind such pop music classics as "One Fine Day" and "A Natural Woman (You Make Me Feel Like)" will be honored at a gala dinner and concert on January 24, 2014, just before the Grammy Awards.

Also read: Carole King Musical Finds Its Star

The tribute to King will draw top acts like the Dixie Chicks, Lady Gaga, Bette Midler, Jason Mraz, James Taylor, and Steven Tyler.

It comes in the same month that a new musical ""Beautiful" will open on Broadway, drawing on dozens of King's songs from the 1960s an '70s.

Proceeds from the event will support MusiCares work to provide members of the music industry with financial, medical and personal assistance in times of need.