After nearly 60 years in showbusiness, Connolly will be given the Outstanding Contribution to Television and Film Award by The British Academy of Film and Television Arts (Bafta).
He will, however, be unable to attend the ceremony in Glasgow on November 18 and instead a recorded message will be broadcast at the event.
The Big Yin expressed gratitude for the award, saying he wished he could be in Glasgow where "my heart is all the time" to receive it in person.
"I'm really pleased and proud to receive this trophy from Bafta in Scotland, because I know you probably think we luvvies get shiny prizes all the time," Connolly said.
"But actually, sometimes we don't. I'm really sorry I can't be there because I'm in San Francisco doing some prior engagements, but in December I will be in Glasgow, where my heart is all the time, doing a Bafta Life in Pictures event highlighting my film and television work from over the years, which might be quite groovy."
Connolly, 69, has enjoyed a career spanning comedy, film, television and music, most recently voicing King Fergus in Pixar's Brave.
He has appeared in more than 30 films, including Indecent Proposal, The Last Samurai and Mrs Brown, for which he was nominated for a Bafta in 1997.
He appears in Quartet, Dustin Hoffman's directorial debut, scheduled for release in January 2013 and will also play Dain Ironfoot, the dwarf warrior in Peter Jackson's forthcoming three-part production of The Hobbit.
Jude MacLaverty, director of Bafta in Scotland, said: "We are thrilled that Billy will be the recipient of an Outstanding Contribution Award this year. He is a true master of his craft and continues to be a massive inspiration to a whole new generation of Scottish talent."
Past recipients of the Outstanding Contribution Award include Sir Sean Connery, Brian Cox and Robbie Coltrane.
Connolly will also take part in a public event in Glasgow in December called A Life in Pictures at which the comedian and actor will discuss his life and career.