Hanks becomes the 36th recipient and follows in the footsteps of Jane Fonda, Robert Altman, Martin Scorsese, Shirley Maclaine, Federico Fellini, Bette Davis, Jimmy Stewart and last year's honouree Meryl Streep, among others.
The gala show will feature testimonials from Hanks' friends and a clip reel highlighting his most memorable work. Hanks won back-to-back lead actor Oscars in 1994 and 1995 for Philadelphia and Forrest Gump.
'There are so few actors who have been able to make the struggle and drama of being a good man compelling,' Kent Jones, who will direct and produce the gala tribute with Jeanne R Berney, said. 'In that regard, Tom Hanks now stands alone.'