The actor turned 93 in February this year.
Confirming the news, a source from the Information & Broadcasting Ministry told IANS, "Yes, he (Pran) is getting Dadasaheb Phalke award."
Pran acted in over 400 movies in a career spanning over six decades and played a vast range of roles - from a hero to a villain to a character artist.
He became a symbol of hatred after his portrayals of a bad guy in a series of films, including hits like Madhumati, Ziddi and Ram Aur Shyam.
If he played a villain to the hilt, he was equally good when he stepped into character roles and won many hearts as loveable Mangal Chacha in Upkar, thoroughly entertained as street-smart fraud in Victoria No. 203, and epitomised on-screen friendship in the role of a rough but kind Pathan in Zanjeer.