Editors at the publication have undertaken the project to address the gender imbalance of their long-running Man or Woman of the Year award - creating a cover for the woman deemed most influential.
Madonna was selected as 1989's biggest female figure, while Beyonce landed the 2014 accolade for a year in which she embraced her status as a major feminist icon on her self-titled album.
Other notable names chosen from the world of entertainment include Billie Holiday (1939), Lucille Ball (1951), Marilyn Monroe (1954), "West Side Story" star Rita Moreno (1961), Aretha Franklin (1968), Sinead O'Connor (1992), Ellen DeGeneres (1997), J.K. Rowling (1998), and Oprah Winfrey (2004).
The woman chosen for last year's honour is 17-year-old climate change activist Greta Thunberg.
"Honey Boy" director Alma Har'el, who partnered with TIME on the project, said she got involved as she feels significant women have been airbrushed from history.
"There is this narrative that women in most of history have been oppressed," she explained. "The truth is that women have been warriors, artists and scientists and they haven’t been remembered in the same way that men have been."