The new pairing is thought to be connected to Offset's rumored departure from Migos.
The Queen Of Hip-Hop Soul joins just 10 other artists to ever receive the prestigious honor.
As part of Stake's live event, the rapper plans to share his winnings with his legion of fans.
The event included appearances from a host of stars, who performed their contributions to the album alongside Mr. West.
"The First Left Handed Sniper Play As The Huncho Now!!"
Keke Palmer, Earth, Wind & Fire are also set to take the stage at the NBA HBCU Classic and NBA All-Star Game.
Migos, Jack Harlow, Kaytranada, Playboi Carti, J.I.D., Coi Leray, and Roddy Ricch are also included in the lineup of performers.
"Snoop told me no way you can retire before me," the former child star wrote on Twitter. "You owe us one more.