Prabhat Pandey, the academy secretary, on Wednesday said that the dates of the awards function would be announced soon.
The earlier film personalities who have been given Phalke Ratna awards are late Sunil Dutt in 2005 and Dilip Kumar in 2007.
B R Chopra is considered an architect of a golden era of Indian film industry, which created immortal classics - Naya Daur, Ek Hi Rasta, Kanoon, Dhool Ka Phool, Gumraah.
"With characteristic vision and great entrepreneurial spirit, he conveyed offbeat stories into most magnificent movies", the academy said.
Founding the B R Films banner in 1955, Chopra was committed to depicting social themes and family values in his movies.
The banner made its foray into television serial production in 1985 and made history. 'Mahabharat' directed by his son Ravi Chopra, is a legend on small screen.
Chopra received Dadasaheb Phalke award in 1998 for his contribution to Indian cinema.