An unprecedented 25 sportspersons will also be conferred with the Arjuna awards while the eight coaches from different disciplines will receive the Dronacharya Awards at a function in Rashtrapati Bhawan here.
The President will also present the Dhyan Chand and Tenzing Norgay National Adventure Award on the occassion.
National Sports Awards are given every year to recognise and reward excellence in sports.
Pistol shooter Vijay had won a silver in the 25m rapid fire event at the London Olympics, while Yogeshwar bagged a bronze in 60kg free style event. Both the medallists will collect the trophy that consists of a medal, citation and cash prize of Rs 7.5 lakh each from the President.
Cricketer Yuvraj Singh, who is preparing to stage a comeback after recovering from a rare germ cell cancer, is among the 25 sportspersons, who will receive the Arjuna award.
To be eligible for this award, a sportsperson should have not only good performance consistently for the previous three years at the international level with excellence for the year for which the award is recommended but also should have shown qualities of leadership, sportsmanship and a sense of discipline. The Award consists of a statuette, a scroll of honour, ceremonial dress and a cash award of Rs 5 lakh.
India won six medals -- two silver and four bronze medals in London, which is country's best performance in Olympic Games.