The award, which recognises outstanding achievement in new media and technology, will be presented at the 2008 Producers Guild Awards on February 2 2007 in Los Angeles.
'YouTube has connected its global audience to the production and viewing of some of the most innovative content available,' PGA co-chairs Hawk Koch and Mark Gordon said. 'Chad and Steve had an idea that became a permanent part of the lexicon of our world.'
'Receiving this award is truly an honour,' Chen said. 'Every day I am surprised by the community's creativity and innovation and it is with this in mind that we accept this award.'
Previous recipients of the Vanguard Award include Will Wright, George Lucas, James Cameron, Pixar Animation Studios and former AOL chairman Jon Miller.
The PGA will also honour Alan Horn with their Milestone Award, while Kathleen Kennedy and Frank Marshall will receive the David O Selznick Achievement Award in Theatrical Motion Pictures and Dick Wolf will receive the Norman Lear Achievement Award in Television. Simon Fuller will receive the Visionary Award and the Stanley Kramer Award will honour The Great Debaters.