The award is instituted jointly by Department of Science and Technology and State Council for Science, Technology and Environment to honour scientists of Kerala origin working abroad.
The award would be distributed by Chief Minister Oommen Chandy at a function here on January 22, the organisers said.
Hailing from Kottayam district, Sudarshan, who specialises in quantam physics, worked at a number of foreign universities such as University of Texas, Austin, University of Rochester in New York and Harvard University.
He is known for his theories about quantum zero effect, optical coherence and predictions about 'tachyonic particles' that travel faster than light.
Prof M Vijayan at Indian Institute of Science is known for his contributions in the fields of biological macromolecular crystallography. A 'Padma Shri' awardee, he was also president of Indian National Science Academy.