She will be honoured for her contribution towards the development of Indian music, said a source from the channel.
Asha, a Dadasaheb Phalke Award and Padma Vibhushan winner, has evergreen numbers like "Mehbooba mehbooba", "Piya tu ab to aaja", "Chura liya hai tumne jo dil ko" and "Dum maro dum" to her credit.
It award is also a gesture of appreciation for her unlimited contribution made towards the film industry and a motivation to continue to entertain the audiences for years to come.
The organisers of the Colors Screen Awards plan to bring the 78-year-old on a grand chariot on the stage to receive the honour and chances are that she might sing for her fans at the event.
The glitzy event will be telecast on Colors Jan 22.