Lynch, who is behind hit movies ERASERHEAD, THE ELEPHANT MAN and BLUE VELVET, will collect the award at a September (06) ceremony.
The presentation coincides with a screening of his latest offering INLAND EMPIRE, starring LAURA DEM and JEREMY IRONS.
Lynch is already the proud owner of a Palme D'Or which he won at Cannes in 1990 for his film WILD AT HEART.