The Oscar winner will be the guest of honour at the ceremony in London, where a retrospective of his work will be shown.
The gala will feature a conversation between Almodovar and fellow moviemaker Stephen Frears, playwright Peter Morgan and French fashion designer Jean Paul Gaultier, according to Reuters.
The tribute, which the director's brother Agustin Almodovar will participate in, is scheduled to take place on 13 December (12).
The thriller will go up against No Rest for the Wicked, The Sleeping Voice, and Blackthorn for the coveted best film prize at Spain's equivalent of the Oscars on 19 February (12).
Almodovar is also competing in the best director category, while his lead stars Antonio Banderas and Elena Anaya are up for the top acting prizes.
Almodovar's nominations haul comes after he rejoined Spain's Film Academy last year (10) - he quit the institution in 2005 over repeated snubs.
His brother Agustin Almodovar, who produced The Skin I Live In, insists the filmmaker will be thrilled with the recognition, telling El Pais newspaper, "Pedro will be delighted with the news of so many nominations. The Academy has given us a generous welcome. It's like a big hug."
The Skin I Live In, based on the novel Tarantula by Thierry Jonquet, is also up for photography, editing, wardrobe, make-up, sound and special effects trophies, among others.
The Volver filmmaker and his brother, producer Agustin, both left the institution in 2005 following a dispute with academy officials over the way the winners of the annual Goya Awards - the country's version of the Oscars - were determined.
Their departure came after an upset at the Goya Awards in 2004, when Almodovar's four-time nominated Bad Education was completely shut out in favour of Alejandro Amenabar's The Sea Inside, which swept the board with 14 prizes.
But the siblings have now made peace with film academy bosses.
In a statement issued by the director's production company, El Deseo, on Friday (08Apr11), a representative says, "The two brothers will return to the academy."
The news emerges days after a new director was appointed to head up the organisation.
Pedro Almodovar's Volver and Agustin Diaz Yanes' Alatriste are the leading contenders for Spain's Goya Awards, taking 14 and 15 nominations respectively.
The two movies will go head-to-head at the end of January in the Best Film and Best Director categories.
Guillermo Del Toro's Pan's Labyrinth--which picked up 13 nominations--and Manuel Huerga's Salvador--with 11 nominations--are also up for Best Film and Best Director.
Volver and Pan's Labyrinth--Spain and Mexico's respective entries for next year's foreign-language Oscar--are both up for Best Script, alongside Daniel Sanchez Arevalo for Darkbluealmostblack and Jorge Sanchez-Cabezudo for The Night of the Sunflowers.
Penelope Cruz is nominated for Best Actress (Volver) alongside Maribel Verdu (Pan's Labyrinth), Marta Etura (Darkbluealmostblack) and Silvia Abascal (La Dama Boba).
Volver dominates the Best Supporting Actress nominations with Carmen Maura, Blanca Portillo and Lola Duenas all in the running, as well as Ariadna Gil (Alatriste).
American-born actor Viggo Mortensen and German Daniel Bruhl are named in the Best Actor category for Alatriste and Salvador respectively, alongside Sergi Lopez (Pan's Labyrinth) and Juan Diego (Leave Me).
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Spanish moviemaker Pedro Almodovar was celebrating last night after his Penelope Cruz-starring film Volver beat off stiff competition to represent his homeland at next year's Oscars.
The movie was chosen ahead of Agustin Diaz Yanes' Alatriste and Salvador by Manuel Huerga by the Spanish Film Academy to battle it out in the foreign language category.
Almodovar, 54, insists he was astonished by the choice after a long-running feud with the judging committee. Last year, he quit the Spanish Film Academy in a feud over voting procedures and how Spain's candidate for the Oscars was chosen.
He says, "I am extremely happy. Of course we have the possibility of winning."
Cruz plays a young mother whose own mom returns from the dead in the movie, which has already won awards at this year's Cannes Film Festival and the San Sebastian Film Festival.
Almodovar is already a double Oscar winner after clinching prizes for All About My Mother in 2000 and Talk to Her in 2002.
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