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The Talented Mr Ripley star will be honoured at next year's ceremony on March 27, according to Variety.
The occasion marks the first time that the 38-year-old will receive an accolade for his body of film work, while the proceedings will be broadcast on cable network AMC.
Previous recipients of the award include Julia Roberts, Al Pacino, George Clooney and Samuel L. Jackson for their contributions to the world of cinema.
Damon previously won an Oscar along with Ben Affleck for their 1997 screenplay Good Will Hunting.
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