The U2 frontman has been flown in especially to hand over the honor at tonight's ceremony (Nov 6, 2008), which will be held in the former Beatle's hometown of Liverpool, England.

A source said: "MTV chiefs have been in a massive quandary as to who will present the award to Liverpool's most famous son. It is a first ever for MTV Europe to create a gong like this. It's a one-off."

The pair previously performed on stage together to open 2005 charity concert Live 8 with a rendition of Beatles classic "Sgt. Pepper's Lonely Hearts Club Band."

Paul is expected to treat fans to a medley of his hits at tonight's event.

The source added to Britain's Daily Mirror newspaper: "Bono and Paul get on like a house on fire, and their presence will be the talk of the night."

"One thing is for sure, Paul will certainly be bringing his guitar. It will be a flying visit but he is not likely to come to Liverpool without strumming a song."

Meanwhile, Beyonce, The Killers and Take That are expected to perform on stage, while Kid Rock and Pink are also due to attend.

Estelle and Kanye West will join forces at the event for their hit track "American Boy."

The source said: "It's going to be spectacular."
( Bono [11/06/2008])