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Guests expected at the ceremony, where seven other award winners will also be revealed, include The Fratellis, Lily Allen and veteran US singer Meatloaf.
The Silver Clef awards, held this year at the Park Lane Hilton, take place annually to raise funds for music therapy charity Nordoff-Robbins.
Previous winners of the lifetime award include Paul Weller and U2.
Last year's ceremony saw Snow Patrol win best British group, Andrea Bocelli take the classical award, and Bryan Ferry named Ambassador of Rock.
Rod Stewart, who was given the Icon award, was unable to attend after falling at a gig in Manchester the night before and hurting his leg.
Rock veterans Oasis shot to fame in 1994 and were key players in the Britpop scene, enjoying a healthy rivalry with contemporaries Blur.
Their third record, Be Here Now, became the fastest-selling album in chart history when it was released in 1997.
The band's seventh studio album, Dig Out Your Soul, is due for release on 6 October.
(BBC)
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