The 70-year-old 'Monty Python' star will be handed the Academy's highest accolade at the London prizegiving on May 12 and he is overjoyed with the prize, reported Daily Star.
"A Bafta Fellowship is a very high honour for anyone working in television. I'm well aware that any success I've had is down to teamwork. I've been blessed throughout my career with the inspiration and support of others. The Fellowship is for all of us," Palin said.
"There are few individuals more worthy than Michael of the Fellowship, the highest honour the Academy can bestow."
Palin has already won three BAFTAs - special awards were handed to him in 2005 and 2009, and he bagged 1989's Best Actor in a Supporting Role trophy for his role in 'A Fish Called Wanda'.
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