The honorary award is given to people who have made an "extraordinary contribution to the art of film", according to The Hollywood Reporter.
Stone will also be in conversation with Russian President Vladimir Putin at the festival.
Based in the capital of Bosnia and Herzegovina, the festival noted that the Oscar-winning director has written and directed over 20 full-length features, including some "iconic films" such as "Platoon", "Natural Born Killers", "Nixon" and "Snowden".
Previous Heart of Sarajevo honorees include Gael Garcia Bernal, Danis Tanovic and Mike Leigh.
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