The 71-year-old actor will be presented the honour this weekend, an IIFA source told.
The yesteryears' macho superstar, who still retains much of his charm and is married to actress-MP Hema Malini, has acted in around 250 Bollywood movies. He is known for a wide variety of roles, such as the much-loved Veeru in the 1975 runaway blockbuster "Sholay".
His role in the recently released "Life in a...Metro" saw him return to his romantic avatar after many years. He plays the character of Amol who comes back to India to spend his last days with his first love and later elopes with her.
Dharmendra is also acting in a new film, "Apne", directed by Anil Sharma.