Hollywood actor Michael Douglas will add to his long list of accolades this month when the Cannes Film Festival awards him an honorary Palme d'Or.

Organisers of cinema's biggest showcase said on Wednesday they would pay tribute to the two-time Oscar winner at the festival's opening ceremony on May 16 in recognition of "his brilliant career as well as his engagement for cinema".

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Douglas, 78, is known for a wide-ranging career that includes films such as "The China Syndrome", "Basic Instinct", "Falling Down" and "Behind the Candelabra", all of which have been screened at Cannes.

"It is always a breath of fresh air to be at Cannes, which has long provided a wonderful platform for bold creators, artistic audacities and excellence in storytelling," Douglas, also known for "Wall Street" and "Fatal Attraction", said in a statement.

"From my first time here in 1979 for 'The China Syndrome' to my most recent premiere for 'Behind the Candelabra' in 2013, the festival has always reminded me that magic of cinema is not just in what we see onscreen but in its ability to impact people all around the world."

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Past recipients of the award include late French film director Agnes Varda and actor Jodie Foster.

This year's festival, its 76th edition, will run from May 16 to May 27.