The 78-year-old actor-director will be awarded the Chaplin Award during a gala in New York next April, reported BBC News.
The award, named after its first recipient Charlie Chaplin, has previously been given to stars such as Alfred Hitchcock and Martin Scorsese.
The film society's executive director Lesli Klainberg said, "Obviously he's a star that many of us have grown up watching from his films in the early 1960s to his current work.
"I happen to think he's also had some of the greatest co-stars ever, from Natalie Wood to Faye Dunaway, Barbra Streisand, and, of course, his great bromance with Paul Newman."
He will also appear in 'A Walk in the Woods', alongside Emma Thompson and Nick Offerman.