The hilarious comedian turned big screen actor will receive the prize on October 23rd in front of a star-studded audience at The Kennedy Center.

“Will Ferrell is clearly one of his generation’s finest comedic performers,” stated Kennedy Center Chairman David M. Rubenstein.

People may remember when SNL alum Tina Fey won the same prize last year.

“I am truly honored to receive this distinction,” said Ferrell, in a press statement. “I will now begin cultivating a Mark Twain-esque moustache in anticipation of the event.”

Congratulations to Will! A much-deserved honor!