The actor, who has appeared in a string of movie hits including Anchorman: The Legend of Ron Burgundy, The Other Guys, and Step Brothers, will be recognised among his peers at a gala ceremony in Washington, D.C. on 23 October (11).
A number of celebrities will be on hand to salute Ferrell as he accepts the award, among them Jack Black, Paul Rudd, and Bridesmaids star and Ferrell's former Saturday Night Live colleague Maya Rudolph.
The Old School star will join retired tennis champs John McEnroe and Jim Courier on the court in New York for a special doubles exhibition on 8 September (11).
Rapper/actress Queen Latifah will help to pay tribute to the victims of 9/11 in a ceremony on the last day of the event, which will mark the 10th anniversary of the terrorist attacks (11Sep11).
Meanwhile, singers Taio Cruz and Greyson Chance are also due to perform during the annual championships.
The U.S. Open will kick off on 29 August (11).
"I just kind of have a comedic looking body, I guess. If anything I really have to exercise just to not look too fudgy, otherwise I would just keep going and going." Funnyman Will Ferrell on his doughy physique.
The Old School star guzzled alcohol and asked his sober pal to monitor his transformation.
He explains, "I had a friend of mine film me so I could see what I am like (when drunk). I am just a happy drunk."
Ferrell insists he has never had a drink problem, although he did party during his time as a castmember on U.S. comedy show Saturday Night Live.
He reveals, "We probably went out quite a bit with the cast... It is easy when you are living in New York and you don’t have to drive anywhere. New York is a fun town to go out in. During my twenties and into my thirties I had a good time partying, yes. But nothing where I woke up and I thought that I had a problem."
And he has exploded the myth that comedians get funnier when they're inebriated.
Ferrell tells Thrillist.com, "A lot of ideas get born drunk and then the next morning you are like, 'What were we thinking? That is ridiculous and not funny at all.'"
Forbes magazine listed the Old School star as the most overpaid actor in Hollywood after a string of flops he had appeared in, but he's convinced he would no longer be at the top of that list in 2011.
He tells website Thrillist.com, "I think two years ago I was at the top of the list of the most valuable actors and then all of a sudden it switched. That having been said, I think we're all striving to be overpaid, right? Why not? So I think it's a victory to be the most overpaid person.
"Last year I was in a movie that cost a lot and didn't make that much, but if they made that list now I'd probably be back on the good list. I think, with entertainment journalism now, everyone is looking for a story that's about anything but the work. If someone's up, let's write a story: 'Oh it looks like they're falling!' and if they've fallen, 'Oh look, they're coming back up!'
"So everyone has to have a certain angle. I just try to focus on the positive. I've never felt pressure, I don't know if that's ignorance or not. I just feel like, 'If you want to write me a cheque to make a movie, thank you so much, but that's your fault. I'll work hard and I'll try to do my best, but if it doesn't work I don't feel like, 'Oh I'm so sorry.' No, you paid me and I did my best job but it just didn't work and that's what happens with creative stuff.'
"You want every movie to be a hit. But every painting isn't a masterpiece."
Activists were appalled to see real creatures in films like Mr. Popper's Penguins and Zookeeper alongside computerised doubles and now they're appealing to the stars in person, asking them to boycott films that feature performing animals.
Letters have been sent to Carrey and Sandler as well as Steve Carell, Will Ferrell, and Ben Stiller - all of whom have starred in and/or produced films that featured wild animals.
A spokeswoman for PETA tells WENN, "Because much of the abuse suffered by the animals forced to perform in movies occurs off the set - including deplorable living and transport conditions and the use of electric prods, bullhooks, and other violent training methods - the actors are likely unaware that cruelty is routine and severe in the wild animal-training industry.
"PETA's request comes on the heels of the release of the film Zookeeper, which faced an outcry from animal protection advocates across the country after a giraffe, Tweet, suddenly collapsed and died during Zookeeper's production. The movie also features an elephant supplied by Have Trunk Will Travel, whose trainers can be seen in undercover video footage (courtesy of Animal Defenders International) beating elephants with sharp, steel-tipped bullhooks, and using electric prods to shock them."
Will Ferrell and Jake Gyllenhaal have both appeared on the Brit's Man Vs. Wild show and now Diaz wants to show off her endurance levels.
The actress offered herself up as a guest on the programme when she met Grylls during a recent appearance on British TV's The Graham Norton Show.
After the specialist adventurer revealed he'd considered teaming up with former U.S. Vice President candidate and outdoorswoman Sarah Palin for a TV special, Diaz said, "I'd totally do one (show), absolutely. That would be amazing."
The Brokeback Mountain star followed in Will Ferrell's footsteps on the Discovery Channel series and agreed to test his endurance skills with a trip to Iceland, but even hardy Brit Grylls had no idea how treacherous the weather would be.
He says, "We had a jumbo jet blown sideways across the airport, whilst I was 5,000-feet up a mountain."
Gyllenhaal's Man Vs. Wild adventure will debut on TV in America on 11 July (11).