Hollywood actor Michael Douglas will be awarded the Icon Award at the Palm Springs International Film Festival on January.

According to organizers, the Icon Award is given to "a creative talent who, through the course of his or her career, has created a body of work which symbolizes the highest level of achievement in the motion picture art form."

The Wall Street: Money Never Sleeps actor will receive the award on a presentation on January 13th. The ceremony is part of Talking Pictures: The Contenders series, that highlights the current crop of Oscar front-runners. As part of the ceremony, clips from Michael's films will be shown. There will also be a Q&A with the actor on stage as well as a screening of his film Solitary Man.

Darryl MacDonald, director for Palm Springs International Film Festival, said: "We're thrilled to have the opportunity to honor Michael Douglas at a time when both his creative prowess and his contributions to world cinema have never been more evident -- or more deserving of celebration."

MacDonald said that the actor is an "American tresure." At the present awards season, Douglas received a nomination from the Golden Globe for his reprisal of Gordon Gekko in the sequel Wall Street: Money Never Sleeps.

The 22nd Palm Springs International Film will be held from January 6th, lasting until the 17th.