Sylvester Stallone is to be named Action Star of the Millennium.
The award is being made by the American Video Software Dealers Association.
Stallone is expected to receive the honour in person at the association's convention in Las Vegas on July 16.
He told Video Premieres magazine: "I'm very, very humbled by that. There's a lot of competition out there."
VSDA president Bo Andersen said: "We are pleased to be able to present Sylvester Stallone with this award.
"As an actor, writer and director, Mr Stallone has endowed his artistic achievements with excellence and has created some of the most memorable characters in cinema history.
"Rocky Balboa and John Rambo are cinema cornerstones in American culture and have become synonymous with courage and rough-hewn integrity.
"Because of DVD technology and the overwhelming popularity of home video, his numerous films will continue to be enjoyed by film buffs for generations to come."