This would be Priyanka's second award from the Foundation after she received her first award for 'Most Memorable Performance' for 2011 film "Saath Khoon Maaf".
The Dadasaheb Film Foundation will honour the "Fashion" star with "Best Actress of the Year" award on the occasion of 147th Dadasaheb Phalke Jayanti.
The ceremony will be held in Mumbai on April 24.
The 33-year-old actress made to Hollywood film project "Baywatch" recently, while her role as FBI agent in American TV show "Quantico" last year got her international recognition.