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A committee chaired by Chief Minister Uddhav Thackeray decided to nominate Bhosle for the award for the year 2020.
The award, instituted in 1996 by the Maharashtra government to recognise distinguished work and achievements of eminent persons from the state, representing different walks of life, carries a cash prize and a citation.
Her sister Lata Mangeshkar had won the award in 1997.
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Having sung her first song for a Marathi film in 1944, she has the distinction of having sung thousands of songs in practically every major Indian language.
The versatility of her voice and talent has been acknowledged through a host of awards conferred on her, including the National Award twice, the prestigious Filmfare Award eight times, and the Filmfare Lifetime Achievement Award in 2001.
Bhosle was selected for the Dadasaheb Phalke Award for the year 2000.