Michael Douglas is to receive the Icon Award at The 22nd Annual Palm Springs International Film Festival next month.
The 66-year-old actor is planning to take time out from his recovery from throat cancer to collect the accolade in person at the prestigious event on January 13.
He will be presented with the honour - which is given to individuals who have created a great body of work which symbolises the highest level of achievement - following a screening of his film 'Solitary Man,' in which he plays a car magnate who watches his professional and personal life spin out of control.
Festival director Darryl Macdonald said: "We're thrilled to have the opportunity to honour Michael Douglas at a time when both his creative prowess and his contributions to world cinema have never been more evident - or more deserving of Celebration. Simply put, he's an American treasure."
The festival will devote an evening to Michael and his work, showing clips of his films and hosting an on-stage conversation between him and Variety's Peter Bart.
The screen legend - who is married to Catherine Zeta-Jones, with whom he has two children, Dylan, 10, and Carys, seven, with - announced earlier this month he is also planning to attend the Golden Globes, where he has been nominated in the Best Supporting Actor category for his role as Gordon Gekko in 'Wall Street: Money Never Sleeps'.
The Golden Globes ceremony will take place on January 16, three days after he receives the Icon Award.