The "Dancing in the Streets" singer was selected by the Hollywood Chamber of Commerce back in 2021 after getting nominated by a former manager -- and she was clearly honored, saying at the time, "My wildest dreams are coming true."

But, the WoF plaque costs about $55K, and Martha didn't have that kinda cash-on-hand, according to Detroit Free Press. Costs for the hardware and ceremony are often covered by a record label or some studio, but the stars weren't aligning this time around.

Martha says her now-former manager assured her the funding was secured ... but that's not how it went down -- now, her new manager, Chris Roe, has launched a public campaign to raise funding before the June deadline.

Chris claims Martha's old manager didn't realize how tough it would be to get the job done, noting they "wasted a year of fundraising time." Regardless, he's gunning toward the $55K mark, working with corporations and private benefactors to hit the goal.

BTW -- Chris has successfully done campaigns for the WOF before ... with celebs like Malcolm McDowell in 2012 and George Romero in 2017, who sadly died before getting to see the honor set in stone.

As for Martha, she's also well deserving of the honor -- for those unaware, she's the lead singer of the Motown girl group Martha and the Vandellas, cranking out over a dozen hits during their long-running success. Her group was inducted into the Rock and Roll Hall of Fame in 1995, and she's celebrating 60 years in Motown this year.