With a riff famously composed by Keith Richards in a motel room, it was the Stones' first song to top the charts on both sides of the Atlantic.
The legendary musician will receive the award at the annual ceremony on 9 May in Toronto.
The band asked fans to submit videos of themselves singing along to the song for inclusion in the heartwarming new clip.
The as yet untitled new record will be the influential post-punk titans' first since 2008's '4:13 Dream'.
They will be joined by Roxy Music, The Zombies, Stevie Nicks and Radiohead in the prestigious Class Of 2019.
The result suggests the Yorkshire rock legends have a great chance of being inducted next year.
Featuring the timeless classics ‘Free Bird’ and ‘Sweet Home Alabama’, ‘Skynyrd’s Innyrds’ is a one-stop collection of Southern rock brilliance.
The original trek was first revealed at Halloween and featured a first set of shows, many of which sold out instantly.
The tour's 58 dates realised total ticket sales of $97.1 million.
Def Leppard, The Cure, Roxy Music, Radiohead and LL Cool J are among this year's shortlist of possible inductees.
'Traces' is the former Journey frontman’s first Top 10 solo debut, entering the Billboard 200 albums chart at No. 6.
The six-CD set celebrates a unique half-century of music-making by one of the most outstanding singer-songwriters.
The winners will be announced in December, with the induction ceremony taking place at the Barclays Center in Brooklyn, on 29 March 2019.
The Secret Genius program's goal is to shine a light on people behind the scenes — songwriters, producers, engineers and mixers — of the world’s most popular and influential songs.
'Traces' marks the former Journey frontman's first solo album since 1994's 'For The Love Of Strange Medicine'.
The legendary rockers announced the news on US TV's 'America's Got Talent'.