By Ashley Fetters
Updated August 17, 2011 at 05:13 PM EDT
Credit: Kevin Mazur/

The (teenage) dream finally comes true: Following a false alarm a few weeks back, Katy Perry’s single “Last Friday Night (T.G.I.F.)” is set to climb atop the Billboard Hot 100 chart this week, officially putting the cupcake-clad songstress in league with the King of Pop himself.

The song is the fifth single from Perry’s 2010 LP Teenage Dream to hold the top slot, making Perry the first female artist and only the second artist overall after Jackson to produce five Hot 100 No. 1 singles from the same album. (Jackson did it in 1987 with Bad.) Other chart-toppers from Teenage Dream include the title track, “E.T.,” “California Gurls” and “Firework.”

Thanks to a catchy hook and a delightfully wacky video, “Last Friday Night (T.G.I.F.)” has enjoyed a steady run near the top of the chart all summer. But a juiced-up remix of the song featuring a rap cameo by Missy Elliott, released last week, boosted the track’s popularity up to No. 1 status. Because plays and purchases of a remix count toward the chart performance of the original song, Elliott’s assist was likely the critical factor in the song’s rise to the top position.

Before corking-the-bat objections arise, though, as Yahoo!’s Paul Grein points out, this is standard practice in pop music—remember that “Til The World Ends” remix where Ke$ha and Nicki Minaj joined Britney and boosted her hit from No. 11 to No. 3? Or that remix of Rihanna’s “S&M” back in April that got an extra shot of chart adrenaline from a guest spot by Spears? Same idea.

Teenage Dream is also the only album in the 19-year history of Billboard’s Pop Songs chart to log five number ones. It’s been a blockbuster summer for Katy Perry; she’s currently on the road with her sold-out California Dreams tour, but when the chart updates, we’ve got a pretty good idea of how she’ll be celebrating.