The 64-year-old star of "Traffic" will not be honoured for his acting skills as much as his producer kudos and will follow in the footsteps of his father, Kirk, who received the same award in 1991.
"I am honoured and overwhelmed to be included in such a prestigious group of filmmakers. I am particularly moved to be following my father 18 years later," Douglas told Variety.
"Michael Douglas is the rightful heir to the throne of the royal family of American film," said Howard Stringer, chair of the AFI board. "Though he is most beloved as one of the great leading men of the movies, Michael is also a most accomplished film producer and, ultimately, an artist whose films have been elevated in the pantheon of American film."
Douglas won an Academy Award for acting in "Wall Street", and was a producer of the multiple Oscar-winning "One Flew Over the Cuckoo's Nest" in 1975.
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