Besides honoring the Oscar-winning actor, the July 14-21 event will host the Italian premiere screening of The Frozen Ground, a Scott Walker thriller starring Cage, Vanessa Hudgens and John Cusack, THR reported.
Festival founder Pascal Vicedomini announced Cage would be the recipient of the prestigious award on Tuesday. In addition, he praised the actor for his "daring performances and fearless choice or roles.
Cage will be honored in a gala ceremony on July 19.
2014: The Year in Music [PHOTOS]