Soulful R&B diva Mariah Carey is slated to be feted with a star on the Hollywood Walk of Fame during a formal ceremony in early August.

Billboard magazine reports The Hollywood Chamber of Commerce plans to honor the "Hero" singer with star number 2,556 on Aug. 5. Guest speakers for the event will include directors Lee Daniels and Brett Ratner, as well as Epic Records CEO L.A. Reid, a longtime collaborator with Carey.

The 45-year-old singer is one of the most successful artists in music history, having racked up 18 No. 1 hits on the Billboard 100 list and having sold millions of albums that have won her five Grammys, among countless other awards.

Carey recently launched a residency in Las Vegas, where she regularly performs all her top hits, including "Hero," "Vision of Love," and "We Belong Together."

Away from the stage, Carey is currently in the midst of a divorce from husband Nick Cannon. Rumors contend that she is also getting serious with billionaire Australian businessman James Packer.

Life & Style magazine recently reported she is now seriously contemplating relocating to Australia in order to move in with Packer.

"Mariah wants to move Down Under," a source told the magazine. "She's totally in love."

But the truth is, Carey may have more than just love to consider. Rumors are Cannon is vehemently against the idea of being so far from their four-year-old twin children. Speculation is the "America's Got Talent" host would almost certainly be open to taking his ex to court to preserve his rights.

"The court can say, 'You want to move to Australia, Mariah, have a good time,'" family law expert and attorney Goldie Schon told the magazine. "But the children are now going to be primarily in the custody of Nick. That is what the court has the discretion to do. So, it's a risk."

Still, Packer is rumored to have already proposed to Carey and promised to buy her "a large estate on the island of Capri, Italy" once their nuptials have been made official.