Sir Bradley Wiggins, the first British cyclist to win the Tour de France in its more than 100-year history, will be knighted at Buckingham Palace on Tuesday.
The 33-year-old will be honoured for services to cycling following a remarkable 2012 season that included an Olympic gold medal and his historic victory at the Tour de France.
The son of a professional cyclist, Sir Bradley became BBC Sports Personality of the Year after cementing his position as one of the most decorated riders in British sporting history at the London Games where he triumphed in the time trial.
Speaking after being named in the New Year's Honours List, the cyclist said: "It's quite something really.
"I never imagined that I would ever become a knight so it's an incredible honour, but there's a slight element of disbelief, and it will take a while to sink in.
"There was never any doubt whether I'd accept it or not, it was more a case that I never saw myself as a Sir, and I probably never will.
"I don't like profiting from status so it's more for my family. It's nice for my parents and grandparents to be able to say I'm a knight, and for my kids in the future."
Turner Prize-winning artist Sir Anish Kapoor, who designed the twisting, red ArcelorMittal Orbit sculpture at Queen Elizabeth Olympic Park in Stratford, London, will also be knighted at Tuesday's ceremony.
Wasim Khan, the first British-born Pakistani to play professional cricket in England, will also be honoured.
Khan, who played for the record-breaking 1995 Warwickshire team, will receive an MBE in recognition of his involvement in the Cricket Foundation's £50 million Chance to Shine campaign.
The charity, headed by Khan, aims to enliven state school participation in competitive cricket.