According to Town and Country Magazine, Williams will receive the Fashion Icon Award next month at the CFDA Fashion Awards in New York City.
The achievement will mark the first time an athlete has received the award.
In a statement, Thom Browne, chairman of the CFDA, called Williams a "true fashion icon."
"Serena is one of the most inspiring people in the world…a true individual…she is an icon of the sports world…representing greatness on the highest level…bringing fashion to another world…for another audience…always staying true to herself, both on and off the court…a perfect combination of our worlds…the ultimate example of individuality in everything she does.…Serena is a true fashion icon," Browne said.
Williams will follow in the footsteps of Lenny Kravitz, Zendaya, Jennifer Lopez, and Naomi Campbell, who have all previously received the Fashion Icon Award.
"Ever since I was a little girl, I’ve used fashion as an outlet to express myself—fashion gave me the confidence to step on the court and own who I was, and where I knew I was going," Williams said in a statement. "My dream of owning my own brand, S by Serena, has become a reality and throughout my career, I have been blessed to collaborate with the most established designers and the most exciting up-and-coming creatives."
"I have had so much fun learning my style and allowing it to change as my life has evolved, but I’ve always held one thing true—fashion is for everyone, no matter your size, race or income," she continued. "I am incredibly honored to be receiving the prestigious Fashion Icon Award from the CFDA, an organization whose work I have long admired, and to stand among style icons I have always looked up to."
The 2023 CFDA Fashion Awards will be hosted by Sarah Jessica Parker at New York's American Museum of Natural History on November 6.