The award will be conferred upon the veteran cricketer on August 29 in Bangalore during Castrol Awards for Cricketing Excellence for 2011, a release from the organisers stated.
Apart from his onfield genius, Wadekar has also been the coach, manager and chairman of the national selection committee.
Meanwhile, current India under-19 captain, Unmukt Chand has been declared Castrol Junior Cricketer of the Year for 2011, it added.
Initiated in 1997-98, the Castrol Awards for Cricketing Excellence recognizes outstanding performances by Indian cricketers -- past, present and future.
Besides the Lifetime Achievement Award and the Junior Cricketer of the Year awards, current Indian cricketers will be recognised in the categories of Cricketer of the Year, Test Cricketer of the year, ODI cricketer of the year, Batsman of the year and the Bowler of the year.
The Indian cricketers in the running for the cricketer of the year include the likes of skipper Mahendra Singh Dhoni, Virender Sehwag, Sachin Tendulkar, Suresh Raina and off-spinner Ravichandran Ashwin.
Besides the above categories, the organisers have also instituted two new awards this year -- the Castrol Performance Under Pressure Award and the Castrol stand out Performance Under Pressure Award.