Michael Douglas will receive a lifetime achievement award from the Producers Guild of America during the group's annual bash at the Hollywood Palladium on January 24, it said Monday.

The Oscar-winning producer of "One Flew Over the Cuckoo's Nest" will be given the David O. Selznick Achievement Award in Theatrical Motion Pictures. Previous honorees include Dino De Laurentiis and "Spider-Man' producer Laura Ziskin.

Douglas, 64, whose other producing credits include "The China Syndrome" and "Romancing the Stone," said in a statement that he felt "privileged to be so honored by my producing peers."