It's all about Bey!

On Thursday, MTV announced that the network would be honoring Beyonce with the 2014 Michael Jackson Video Vanguard Award at the 2014 MTV Video Music Awards -- and we are crazy in love with this news!

"Over the course of MTV history, the Michael Jackson Video Vanguard Award has been presented to exemplary musicians who have made an incredible and long-lasting impact on pop culture," a writer for MTV wrote on the network's website. "When it came time to choose the 2014 VMA recipient, one particular name stood out above the restglobal entertainer, singer-songwriter, and philanthropist Beyonce."

Others winners of the award include Madonna, Britney Spears, Justin Timberlake, Beastie Boys, Red Hot Chili Peppers, and Michael Jackson himself, who won the Vanguard Award in 1988.

In addition to accepting her award, Beyonce will also take the stage to perform what's sure to be a show-stopping number during the 2014 MTV VMAs, which will take place at The Forum in Inglewood, Calif.

While this award is great and awesome -- it's not distracting us from the hot gossip surrounding Bey and Jay!