Piquet will be in attendance at the ceremony to accept the award, which has previously been given to racing icons such as Mario Andretti, Dale Earnhardt Sr, Sir Jackie Stewart, Sir Stirling Moss, Alain Prost and Emerson Fittipaldi.
The Award has been presented as part of the annual Autosport Awards since 1989.
Widely regarded as the biggest night in world motorsport, the Autosport Awards event was first held in 1987 and previous winners and attendees include Ayrton Senna, Lewis Hamilton, Sebastian Vettel, Colin McRae and Niki Lauda.
"It is an honour to offered this award and join a very special list of winners," said Piquet.
"I'm very proud that Autosport has chosen to reflect on my racing career and I am looking forward to meeting old friends at the event."
Born Nelson Souto Maior, he used his mother's surname Piquet to hide his early racing from his disapproving parents.
Piquet entered F1 in 1978, hired by Brabham boss Bernie Ecclestone to serve as team-mate to Lauda.
In 1981 with three race wins and seven podium finishes in the Brabham BT49, he became world champion for the first time.
Two years later Piquet took his turbocharged BMW-Brabham BT52 to three race wins and, after a season-long battle with Renault driver Prost, bagged his second World Championship.
He completed his trio of title wins four years later, by beating his Williams team-mate, Nigel Mansell after a season-long battle.
With a total of 204 race starts, 23 race wins and 60 podiums during a 13-year F1 career, Piquet remains one of only 10 drivers to be crowned world champion three times.
This year's Awards will include a new presenter line-up, featuring F1 race winner David Coulthard and leading broadcaster Lee McKenzie, as well as a glamorous red-carpet entrance to welcome nominees and winners from all over the globe.
Piquet will be joined on the night by the stars of global motorsport. Among the nominees for the prestigious Awards are F1 world champion Hamilton for International Racing Driver of the Year, and Fernando Alonso for Rookie of the Year, following his stellar Indianapolis 500 debut in May that set the racing world alight.
Racing Car of the Year Award nominees include the championship-winning Mercedes F1 W08 EQ Power+ and close rival Ferrari SF70H, while M-Sport's Ford Fiesta WRC is in the running for Rally Car of the Year alongside the Hyundai i20 WRC and Toyota Yaris WRC.
The winner of the McLaren Autosport BRDC Award will also be announced on the night, with four young British drivers – Enaam Ahmed, Max Fewtrell, Harrison Scott and Dan Ticktum – hoping to claim the coveted award that offers the winner an F1 test and the opportunity to join the McLaren Young Driver Programme in 2018.
That accolade was first won in 1989 by new Awards co-presenter Coulthard.
The Autosport Awards are presented by Motorsport Network – the world's premier motorsport media and technology company.
Motorsport Network is the world's largest independent automotive and motorsport-related digital platform, connecting millions of people who love motorsport and cars.
The network also creates key industry events including Autosport International.