The ceremony is scheduled for April 24 at LA's Hyatt Regency Century Plaza Hotel, said The Hollywood Reporter.
The 63-year-old fashion designer and philanthropist said he's "truly honoured" about the recognition.
"I've been proud to support the Race to Erase MS over the years and am humbled to be this year's honouree. Nancy has been a great friend and champion of the cause to raise awareness and funds to fight this horrible disease," he said.