Sir Tom Hunter will be one of six recipients of this year's Carnegie Medal of Philanthropy.
Described by some as the Nobel Prize of philanthropy, the medal goes to those who use their wealth for public good and is given biannually to global figures.
This year's winners will get their medals at a ceremony at the Scottish Parliament on October 17.
In its 12th year, it will be the second time the ceremony has been held outside the US. Holyrood hosted the event in 2005.
The award recipients were announced today by the Carnegie UK Trust.
Sir Tom was knighted in 2005 for services to entrepreneurship and philanthropy.
He has championed philanthropy in Europe, the trust said.
The son of a shop owner, he started out selling sports shoes from the back of a van with a £5000 loan from his father, building the business into Europe's largest independent sports retailer and eventually selling it in 1998 for £290 million.
Along with his wife, Lady Marion Hunter, he went on to establish The Hunter Foundation, which supports educational and entrepreneurial projects.
This year's celebration of philanthropy will coincide with the 100th anniversary of the trust set up in the name of Andrew Carnegie.
The Scot was the richest man in the world at the beginning of the 20th century.