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The actor and comedian will accept the award at a ceremony to be held on October 23 at Washington D.C.'s Kennedy Centre Concert Hall, reports PopEater.
He said in a statement: "I am truly honoured to receive this distinction. I will now begin cultivating a Mark Twain-esque moustache in anticipation of the event."
Ferrell began his comedy career in 1995 as a cast member of Saturday Night Live, where he remained until 2002. He has starred in such films as Anchorman, Step Brothers, Megamind and Stranger Than Fiction.
He recently completed a four-episode arc on NBC's The Office as a potential replacement for Steve Carell's Michael Scott character.
He can next be seen in the drama Everything Must Go, a role which Ferrell says he was thankful to have the opportunity to take on.









