The Donovan cover features in the new Guillermo del Toro film, ‘Scary Stories to Tell in the Dark’.
The new song also serves as the title track from the hip-hop superstar's new album of the same name, due out later this summer.
The event will also be streamed live for fans via the Walk Of Fame's official website.
'Traces' is the former Journey frontman’s first Top 10 solo debut, entering the Billboard 200 albums chart at No. 6.
In a career lasting 80 years, the iconic singer sold more than 180 million records and featured in over 60 films.
Former Sex Pistol Steve Jones is to win a star on the Hollywood Walk of Fame, for his longtime role as a Los Angeles radio personality.
Twenty Five years after the release of their debut album Kiss were given a star on the Hollywood Walk of Fame in August 1999