Organizers said they are "proud to honor such accomplished actors whose work has made an indelible mark on the world of entertainment, in both drama and comedy."
The Woman of the Year festivities will begin Thursday when Danes will lead a parade through the streets of Cambridge after which she will be presented with her Pudding Pot at the newly named Farkas Hall, the Hasty Pudding's historic home in the heart of Harvard Square since 1889.
The Man of the Year event is scheduled for Feb. 3. Segel will be roasted, then presented with his Pudding Pot in Farkas Hall.
Segel has starred in the movies "Forgetting Sarah Marshall," "Get Him to the Greek," "Bad Teacher" and "The Muppets," as well as TV's "Freaks and Geeks" and "How I Met Your Mother."
Danes is best known for her work in TV's "Homeland," "Temple Grandin" and "My So Called Life." Her film credits include "Shopgirl," "The Hours" and "William Shakespeare's Romeo & Juliet."