The "Shawshank Redemption" star will join past recipients including Michael Douglas, Robert De Niro, and Sharon Stone when he is feted at a gala on February 6 in Beverly Hills, California, according to The Hollywood Reporter.
"At a certain point in life, if you've had some success, awards start to fall from the sky, but this one really means something," a statement from the actor read.
"I started my movie career at 50 and some of the best years happened since then."
The 79-year-old actor has been the recipient of several other lifetime achievement awards, including the American Film Institute's Life Achievement Award, the Golden Globes' Cecil B. DeMille Award, and a National Medal of the Arts from President Barack Obama.
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