The function will be held June 10.
Khanna was a rage among women and has some memorable romantic sagas to his credit, including "Aradhana", "Do Raaste", "Sachaa Jhutha", "Kati Patang", "Daag" and "Aan Milo Sajna". He is also remembered for his outstanding performances in "Anand" and "Amar Prem".
A former Miss India, Zeenat is still remembered as one of the sexiest actresses who revolutionised Indian cinema by introducing an element of sensuality in Bollywood flicks.
She worked in films like "Hare Rama Hare Krishna", "Roti Kapda Aur Makan", "Don", "Satyam Shivam Sundaram" and "Qurbani".
Bollywood Awards has been organised every year for the last eight years to honour movie artists from India for best performances.
This year some well-known Bollywood stars, including Akshay Kumar, Urmila Matondkar, Karisma Kapoor and Alisha Chinoy will perform at the function.