The director will receive the honour at next month's BAFTA film awards ceremony, reported Variety.
The Fellowship recognises individuals who have made an outstanding and exceptional contribution to cinema, games or television.
"It is a privilege to have been able to make a career for myself in this industry and to be honoured for my body of work is indeed very gratifying," Scott said.
Previous filmmakers to have been bestowed with the Fellowship include Alfred Hitchcock, Steven Spielberg, Stanley Kubrick and Martin Scorsese.
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