Douglas joins previously announced presenters Tina Fey, Emma Stone, Angelina Jolie, Chris Rock and Bradley Cooper, among others.
Douglas took home the 'Best Actor' Oscar for his performance in the 1987 film Wall Street as well as the 'Best Picture' award in 1975 for One Flew over the Cuckoo's Nest, where he served as a producer.
On April 16, the 67-year-old actor will be honoured with the Eugene O'Neill Theater Centre's 12th annual Monte Cristo Award for his work and contributions in the theatre community.
In 2010, Douglas was diagnosed with cancer after doctors discovered a tumour in his throat. He announced that he had beaten cancer in January last year.
Douglas can be seen in Steven Soderbergh's action film Haywire, now playing in cinemas.
Watch the trailer for Haywire below: