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OTRC: Jennifer Lopez named Billboard Music Awards 2014 Icon, new album cover (Photo)

Jennifer Lopez appears at the 25th Annual GLAAD Media Awards in Beverly Hills, California, on April 12, 2014. Jennifer Lopez appears on the cover of her 2014 album 'A.K.A.' (Daniel Robertson / startraksphoto.com / Capitol Records)

Jennifer Lopez is gearing up to celebrate not one, but two milestones in her music career -- the release of her 10th album and receiving the 2014 Icon Award at the Billboard Music Awards.

Lopez, 44, will receive the 2014 Billboard Music Awards Icon honor at the annual ceremony, which takes place on Sunday, May 18 in Las Vegas and will air on ABC. Created to highlight an artist's lifetime achievement in popular music, Lopez becomes the first woman to receive the award, which has been previously awarded to Neil Diamond, Stevie Wonder and Prince.

"Jennifer Lopez is one of the most iconic performers of her generation," said Larry Klein, producer of the Billboard Music Awards. "We are thrilled to honor her historic career with the 2014 Icon Award and will be on the edge of our seats like everyone else when she takes the stage."

(Check out a full list of nominees for the 2014 Billboard Music Awards here.)

Lopez is expected to perform two songs at the Billboard Music Awards - her FIFA World Cup anthem "We Are One (Ole Ola)" with frequent collaborator Pitbull and a new single titled "First Love" off of her newly-named 10th album "A.K.A."

The singer, who in addition to being an accomplished actress, "American Idol" judge, dancer and multi-faceted businesswoman, has become synonymous with several nicknames over the years, including "J. Lo" and "Jenny From The Block," of which the album title seemingly references.

Lopez released the cover art for her "A.K.A." album on Twitter, which features the singer wearing a tight red vinyl skirt and a cleavage-baring belted top. The full photo can be viewed here (Warning: NSFW).

"A.K.A.", which hits stores on June 17, will also feature the previously released single "I Luh Ya Papi," which received a sexy music video treatment back in March.

To date, Lopez has sold more than 40 million albums worldwide and has notched several hit singles in her 15-year music career, including "If You Had My Love," "Waiting For Tonight," "Love Don't Cost A Thing," "I'm Real," "Jenny From The Block," "On The Floor" and "Dance Again."