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Actress Meryl Streep will receive the Icon Award at the 2014 Palm Springs International Film Festival.
Variety reports that this special award "symbolizes the highest level of achievement" of a performance in film.
"We’re overjoyed to recognize Meryl Streep for yet another Oscar-worthy performance in August: Osage County," Harold Matzner, festival chairman, said in a statement.
Streep received Golden Globe, SAG and Critics' Choice Movie Award nominations for her role in August: Osage County, a film based on the play by Tracy Letts.
"Meryl Streep's portrayal of Violet Weston, the matriarch of a dysfunctional family reunited by a tragic incident, will be remembered in her long list of iconic character roles," Matzner said.
Throughout her career, Streep is a three-time Oscar winner and has earned 17 Academy Award nominations.
According to The Wrap, the Icon Award was created and presented for the first time to Michael Douglas three years ago. Other stars to be honored at the festival include Sandra Bullock, Bruce Dern, Tom Hanks, Matthew McConaughey, Steve McQueen, Thomas Newman, Lupita Nyong'o, and the cast of American Hustle.
The PSIFF Icon Award will be presented at the Awards Gala at the Palm Springs Convention Center, January 4. The Palm Springs festival runs from January 3-13.