The Aerosmith star will be feted at the prizegiving event in Anaheim, California for "(setting) the highest standards of excellence in the creative application of recording technology," according to Billboard.com.
"Anytime my name is mentioned in the same sentence as Les Paul, it's a huge honor," a statement from Perry reads. "Getting an award bearing his name is the icing on the cake."
"Joe Perry was a friend of Les Paul's and is undoubtedly one of the most innovative and talented musicians of our time," Michael K. Braunstein, executive director of the Les Paul Foundation, says. "His ability to push boundaries of the electric guitar with his signature sound and deft playing ability embodies the true spirit of what Les Paul and the award given in his name stands for."
Past recipients of the accolade include Slash, Pete Townshend, Brian Wilson, Peter Gabriel, and Stevie Wonder.
In addition to Perry, Aerosmith producer and engineer Jack Douglas will also be inducted into NAMM's Hall of Fame at the ceremony.
The news comes months after Perry suffered a collapse onstage while he was performing with his Hollywood Vampires bandmates Alice Cooper and Johnny Depp at the Coney Island Amphitheater in Brooklyn, New York in July (16).
He was hospitalised and forced to sit out of a string of shows before Joe returned to the stage later that month (Jul16). Reports suggested his health problems stemmed from a combination of dehydration and exhaustion.