Game Developer Conference staff announced in a statement that PlayStation 4's lead architect and director of Knack Mark Cerny will present the award to Kutaragi.
"We're honored to have Kutaragi-san present at the event, and heartened to recognize a true visionary that helped bring about an unparalleled era of growth in the industry," General Manager of all GDC events Meggan Scavio said.
Kutaragi's illustrious career includes the creation of the SPC700 sound chip for Nintendo's Super NES console, and Sony's first video game console, the PlayStation.
Kutaragi stayed with Sony through the launch of the PlayStation 2 and PlayStation 3. In 2006 Kaz Hirai replaced him as President of SCE, and in 2007, he accepted the role of Honorary Chairman at SCE and became the CEO of AI Entertainment Inc.
Previous recipients of the Game Developers Choice awards include BioWare's Dr. Ray Muzyka and Dr. Greg Zeschuk, Warren Spector, Peter Molyneux, and Shigeru Miyamoto.
The recipients are chosen by an advisory committee, which includes industry veterans such as Mark Cerny and Valve's Doug Lombardi.
The Game Developers Choice Awards Ceremony will be held on March 19 at the Moscone Convention Center during GDC 2014 in San Francisco.
You can find a full list of the nominees here.