The award is given out at the commissioner's discretion to "a group or person who has made a 'major impact on the sport' of baseball."
Jeter represents the 14th recipient of the award. It was first given to Mark McGwire and Sammy Sosa in 1998 for their roles in the home run chase that season.
Prior to Jeter, the most recent recipient was his former teammate Mariano Rivera, who was presented with it last season "for his prolific career."
Jeter is retiring at the end of the 2014 season and is currently in the middle of his final homestand at Yankee Stadium. On Monday night, he had three RBI in New York's win over the Orioles.
- Molly Geary