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 today.
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 today's ceremony.
Wasim Khan, the first British-born Pakistani to play professional cricket in England, will also be honoured today.
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.
Musician and songwriter Polly Harvey will receive an MBE for services to music.
The 44-year-old, who performs as PJ Harvey, has been awarded the Mercury Prize twice, in 2001 and 2011, and recognised for an outstanding contribution to music at the 2011 NME awards.
Two soldiers will be decorated for courageous acts while serving overseas.
Major Matthew Long of the Royal Logistic Corps will receive the Queen's Gallantry Medal for defusing improvised explosive devices (IEDs) in Afghanistan.
The soldier waded neck-deep through an irrigation ditch and removed his protective clothing to deactivate 40kg of explosives during a 10-hour mission last year.
Warrant Officer First Class Andreas Peat of the same regiment will be honoured for great courage in the face of the enemy.
The Scottish officer saved Danish and British soldiers by disarming a series of IEDs that were inadvertently triggered during a search of a suspected homemade explosives factory.