Expected to pay tribute to Damon during the event are Casey Affleck, Don Cheadle, former U.S. President Bill Clinton, George Clooney, Clint Eastwood, Jimmy Kimmel, Greg Kinnear, Ben Stiller, Charlize Theron and Robin Williams.
The ceremony is to air exclusively on ABC at a later date, the network said, adding this will be the first time it broadcasts the event.
The American Cinematheque Award is presented annually to an extraordinary artist currently making a significant contribution to the art of the moving picture. It is a mid-career achievement honor, organizers said.
Damon's film credits include "Good Will Hunting," "Dogma," the "Ocean's Eleven" franchise, "Syriana," the "Bourne" trilogy, "The Good Shepherd" and "Green Zone."