The Office creator follows in the footsteps of comedy stars including John Cleese and Kelsey Grammer in receiving the honour, which is named after the legendary British actor, who died in 2004.
Gervais will be presented with the prize at the festival in Alberta, Canada which runs from 13-16 June (10), and the funnyman admits he's overwhelmed by the news.
He tells USA Today, "This is probably the greatest honour of my career. Only the Nobel Peace Prize can top this, but I will only accept that in person if the ceremony is held somewhere as beautiful as Banff. I think they FedEx, luckily."