Brody is expected to attend the prominent Swiss fest dedicated to indie and cutting-edge fare, where his tribute will include an August 4 screening of Roman Polanski's "The Pianist," for which he won the Academy award for the best actor in 2003, reported Variety.
Ahead of the Leopard Club award ceremony, there will also be a public conversation with the 44-year-old actor.
"Brody gained a lasting place in the collective imagination of the movie-going public when he played composer Wladyslaw Szpilman in 'The Pianist' (2002), and has since demonstrated his status as one of the most versatile of actors, appreciated by filmmakers in Hollywood and beyond," the festival organisers said in a statement.
He made his acting debut as a teenager in Francis Ford Coppola's "New York Stories" (1989) and went on to work with Steven Soderbergh in "King of the Hill" (1993) and Oliver Stone in "Natural Born Killers" (1994).
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His performances in Terrence Malick's "The Thin Red Line" (1998), Spike Lee's "Summer of Sam" (1999), and in Ken Loach's "Bread and Roses" (2000) were other early career milestones.
Previous recipients of the Leopard Club award include Faye Dunaway (2013), Mia Farrow (2014), Andy Garcia (2015), and Stefania Sandrelli (2016).
The 70th Locarno Festival will run August 2 to 12.