The Wall Street star will be recognised for his contribution to the arts at the 12th annual Monte Cristo Award event, held at the Eugene O'Neill Theater Center, where he is a trustee.
Actress Zeta-Jones will present her husband with his latest accolade.
The programme will feature stage and video tributes to the actor and guests will include filmmaker Joel Schumacher and TV mogul Lorne Michaels.
The Monte Cristo Award is given to a prominent theatre artist in recognition of a distinguished career. Past recipients include James Earl Jones, Kevin Spacey and Douglas' mentor and The Streets of San Francisco co-star Karl Malden.
Douglas' one-time housemate Danny DeVito is among the co-chairs of the event's honorary committee.