The ceremony is to take place June 24 at the Waldorf Astoria Hotel.
"I am so pleased that the Friars are honoring me. They have a wonderful picture of me on their Wall of Honor and, being a lifetime member, I'm very flattered, even though some of the members use it for target practice. I know this will be a special night and one that I'll always remember," Rickles said in a statement Wednesday.
"This will be an incredible night that will live forever in Friars Club history. We are so proud to be presenting this unique honor to Don Rickles, whose humanitarian endeavors mirror his accomplishments in entertainment," Friars Foundation Chairman Joseph Zappala said. "The Friars Foundation is honored to bestow our prestigious award upon such a major force in show business and a legend in comedy."