Producer Emilio Estefan, singer-songwriter Gloria Estefan and conductor Itzhak Perlman are also among Hollywood notables who will receive the honor on November 24 at the White Housem, said the Hollywood Reporter.
Composer Steven Sondheim, who was awarded the honour last year but wasn't able to attend the 2014 ceremony, will be awarded the honour this month.
"I look forward to presenting these 17 distinguished Americans with our nation's highest civilian honour," said the President in a statement.
Last year, mogul Oprah Winfrey, actress Meryl Streep, singer Stevie Wonder and anchor Tom Brokaw were among the recipients.
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