The 39-year-old model - who was recently announced at Contributing Editor for British Vogue magazine - is tipped to collect an Order of the British Empire honour from Britain's Queen Elizabeth to highlight her achievements in the fashion industry.
A source told The Daily Star newspaper: "It's one of Kate's biggest wishes to be included in the ceremony. She has met the Queen, loves the royal family and has made an outstanding contribution to British fashion. It's looking good for her. Her friends have all tipped her for the gong."
Kate's pal British designer Stella McCartney - daughter of Sir Paul McCartney - received an OBE at Buckingham Palace in March this year after she was named Designer of the Year at the British Fashion Awards and was given the honour of dressing Team Great Britain at the London 2012 Olympics.
She is said to have told the catwalk superstar that she would be up for one "soon".
The source added: "After Stella was awarded an OBE last year, she told Kate afterwards her time would come soon."
OBE is one of many honours distributed each year to individuals who have achieved excellence in a certain field.