The director, 73, will receive the accolade from members of the legendary New York comedy venue on September 21, reported the New York Post.
The ceremony will not be conducted at the club's premises, instead taking place at the city's Cipriani Wall Street restaurant.
Scorsese may be best known for his gritty crime films such as "Goodfellas", "Mean Streets" and "Taxi Driver", however one of his most acclaimed movies is his 1983 collaboration with Robert DeNiro, "The King of Comedy".
The satirical thriller saw Robert play Rupert Pupkin, an aspiring comedian who kidnaps his idol, funnyman Jerry Langford, played by real-life comedy star Jerry Lewis.