Had he lived, John Lennon would have celebrated his 72nd birthday today.
The former Beatle who penned the peace-loving classic Imagine, was shot dead in December 1980 outside the Manhattan apartment building where he shared a home with his wife Yoko Ono.
Gaga is one of five set to receive the awards during a ceremony in Reykjavik, Iceland, ruv.is reported.
The others to receive awards are Rachel Corrie, a peace activist who died in Gaza in 2003 trying to prevent the demolition of Palestinian homes, author John Perkins, Christopher Hitchens and Russian punk band Pussy Riot.
Ono's Imagine Peace Tower on Viðey Island, off Reykjavík will be lit on Tuesday and will remain aglow until December 8, the day Lennon died.
It is an outdoor work of art conceived by Ono and symbolises her and Lennon's continuing campaign for world peace.