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Lewis, 35, is honoured for his contribution to the sport, having equalled the iconic Michael Schumacher's record with a seventh world title win in Istanbul, Turkey.
Speaking about the possibility of being knighted, he said: "I've not saved any lives.
"I'm not an unsung hero like NHS staff or Captain Sir Tom Moore.
"Like everyone, I've grown up adoring the royal family, if one day I am honoured to be up in front of the queen again, it would be the happiest day ever to see here again, she's an icon, such an incredible individual."
The British racing driver is to be given the prestigious gong after his tax affairs were deemed 'all in order', according to The Sun.
The knighthood for Lewis comes 12 years after he was handed the MBE from the Queen.
All of the elements aligned on this momentous day. Mercedes just claimed their 7th Constructors' Championship! :trophy: To everyone back at the factory grafting away and continuing to push and innovate. You guys are the true unsung heroes. Let's continue to make history together:pray: pic.twitter.com/LB9HTg8Zq7- Lewis Hamilton (@LewisHamilton) November 1, 2020
He's the latest sportsman to be knighted recently, joining the likes of Olympic legend Mo Farah, two-time Wimbledon winner Andy Murray and ex-England cricket captain Alastair Cook.
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