The award will be presented at the 53rd annual CAS Awards on February next year, reported Variety.
"Jon has been a steadfast presence humanizing his storytelling with intelligence and skill," said CAS President Mark Ulano, who previously worked with Favreau on "Cowboys & Aliens" and the "Iron Man" films.
"His light touch continues to produce engaging classics, from 'Elf' to 'The Jungle Book.' As a director, actor, producer, his ubiquitous creativity continues to entertain millions and makes him a wonderful choice for the CAS Filmmaker Award."
Previous recipients of the CAS filmmaker award include Jay Roach, Richard Linklater, Edward Zwick, Jonathan Demme, Rob Marshall, Taylor Hackford, Henry Selick, Paul Mazursky, Bill Condon, Gil Cates, and Quentin Tarantino.
Favreau's latest film, "The Jungle Book," has topped USD 966 million at the global box office. He was recently announced as the director of Disney's "Lion King" remake.
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