The 38-years-old 'Titanic' star will attend a special ceremony on the February 1 to receive the prestigious Award, reported Daily Express.
"We are thrilled to be honouring Leonardo DiCaprio with the American Riviera Award, in a year where he has shown us another layer of his immeasurable talent. His performance in 'Django Unchained' reaffirms that he is the most relevant actor of this generation." Roger Durling, Executive Director of the event issued a statement.
DiCaprio follows in the footsteps of previous recipients including Sandra Bullock, Annette Bening, Tommy Lee Jones, Forest Whitaker, Philip Seymour Hoffman, Kevin Bacon and Mickey Rourke.
The festival will commence from January 24 and will be held till February 3 this year.