George Lucas is set to receive the Honorary Palme d'Or at the Cannes Film Festival

Lucas - who is best-known for creating the 'Star Wars' and 'Indiana Jones' franchises - said in a statement: "The Festival de Cannes has always held a special place in my heart.

"I was surprised and elated when my first film, 'THX-1138', was selected to be shown in a new programme for first-time directors called the Directors' Fortnight. Since then, I have returned to the festival on many occasions in a variety of capacities as a writer, director and producer.

"I am truly honoured by this special recognition which means a great deal to me."

Lucas served as the chairman of Lucasfilm - the film and TV production firm that he founded - before selling the brand to The Walt Disney Company in 2012.

The billionaire is also considered to be one of the most significant figures of the New Hollywood movement.

The festival organisers said in a statement: "The Festival de Cannes is delighted to pay tribute to one of the greatest figures of contemporary cinema, a man with an extraordinary career, who brings together great entertainment and innovation, mythology and modernity and cinephilia and technology."

Meanwhile, Lucas previously admitted to being surprised by his own success.

The filmmaker explained that he never chased mainstream success with the 'Star Wars' movies.

He told Wired: "None of the films I've done was designed for a mass audience, except for 'Indiana Jones'. Nobody in their right mind thought 'American Graffiti' or 'Star Wars' would work."