The announcement was made by Kathy Connell, executive producer of SAG Awards, which will be held on January 27.
Alda, 82, is the 55th recipient of the award which is bestowed upon a performer who has contributed to improving the image of the acting profession and has a history of active involvement in humanitarian and public service endeavours.
The award is given annually to an actor who fosters the "finest ideals of the acting profession."
Alda is best known for his performances in films such as "The West Wing", Martin Scorsese's "The Aviator" and "Manhattan Murder Mystery". His most memorable role was Hawkeye Pierce in the television series "M*A*S*H".
The actor starred alongside Hanks in Steven Spielberg's 2015 thriller "Bridge of Spies".
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