The honor, created in collaboration with Jaeger-Le Coultre and Venice organizers Biennale di Venezia, is dished out to "an artist who has left an original mark on contemporary cinema."
Previous recipients of the Venetian back slap include Takeshi Kitano, Abbas Kiarostami, Agnès Varda, Sylvester Stallone and Mani Ratnam.
Pacino is to receive his plaudit for his work in the director's chair on Sept. 4 during the 68th Venice International Film Festival which runs Aug. 31 through Sept. 10.
Festival director Marco Mueller described Pacino as "an amazing director, whose experience is precious and original, and enriches the world of contemporary film."
The ceremony is scheduled to precede the world premiere of Pacino's third feature-length directorial picture, "Wilde Salome."
Billed as an unconventional feature documentary, Salome invites audiences into Pacino's private world, as he explores the complexities of Oscar Wilde's acclaimed play Salome, Wilde himself and the birth of a rising star, in actress Jessica Chastain.
"There is nowhere else I would rather debut Wilde Salome than at Venice, because of its rich artistic history. Wilde Salome is an exploration into the world of Oscar Wilde the artist and in Salome, the emancipation of a work that lives on" said Pacino.
Wilde Salome stars Pacino (Herod), Chastain (Salome), and Kevin Anderson (John the Baptist), and is produced by Barry Navidi and Robert Fox, with Salome Productions and Tripod Entertainment.
– The Hollywood Reporter