Gilliam, who has directed "Brazil," "Time Bandits" and "The Brothers Grimm," will also be giving a public interview at the Fantastic Film Festival in Amsterdam, which runs from April 18 to April 25, the BBC reported Saturday.
Festival organizers said they were giving Gilliam the award since he "never allows his fantasy to be limited".
The festival, which began 23 years ago as the Weekend of Terror, will also open with Guillermo del Toro's Oscar-winning "Pan's Labyrinth."
The organizers said that when the event started the media saw it as a "meeting ground for nerds with a taste for stomach-churning, violent horror."
However, it is now a cult event that showcases fantasy, horror and science fiction films from around the world.