"So great. Thank you, Tom," Alda said on Twitter Tuesday in response to news that Hanks would present him with the honor.
The Life Achievement Award is given annually to those who promote the finest ideals of the acting profession.
Alda will be the 55th recipient of the Life Achievement Award when the SAG Awards ceremony is aired live on TNT and TBS on Jan. 27. Past recipients include Morgan Freeman, Lily Tomlin, Dick Van Dyke, Carol Burnett, Debbie Reynolds, Rita Moreno, Mary Tyler Moore, Betty White and James Garner.
Alda co-starred with Hanks in Steven Spielberg's Bridge of Spies in 2015. The actor is also known for starring in television shows such as The West Wing and for appearing in episodes of ER, 30 Rock, The Blacklist, The Big C, Horace and Pete, The Good Fight and Ray Donovan.
Alda's film credits include Gone Are the Days!, Manhattan Murder Mystery, Crimes and Misdemeanors, Sweet Liberty, The Four Seasons, The Aviator and The Longest Ride.
The SAG Awards honor both film and television with A Star is Born and The Handmaid's Tale receiving the ceremony's top nominations, among others.