Veteran actor Peter O'Toole is to receive an honorary Oscar this year after missing out on an Academy Award during his 40-year career.

O'Toole has been nominated for best actor seven times - but has never won.

O'Toole's performances have ignited the screen for more than four decades Frank Pierson Academy of Motion Picture Arts and Sciences

"The Board of Governors felt it was time for him to hold his own Oscar in his hands," academy president Frank Pierson said.

O'Toole, 70, will receive the honorary statuette at the Oscars ceremony in Hollywood on 23 March.

He was first nominated for his breakthrough role playing TE Lawrence in Lawrence of Arabia in 1963.

He was later nominated for 1964's Becket, 1968's The Lion in Winter and 1969's Goodbye Mr Chips.

In 1973, he was in the running for his role in The Ruling Class, and his sixth nomination came in 1981 for The Stunt Man. Two years later, he was shortlisted for My Favourite Year.

'Unforgettable roles'

"O'Toole's performances have ignited the screen for more than four decades," Mr Pierson said.

"He has appeared in some of the most unforgettable roles in the history of the medium.

His seven nominations put him put him in "an extremely rarefied air for a performer", Mr Pierson added.

Sidney Poitier received an honorary Oscar in 2002

The Academy gives its honorary awards for "exceptional distinction in the making of motion pictures or for outstanding service to the academy."

The film world is gearing up for the ceremony, which is the biggest night of the movie year.

The nominations will be unveiled on 11 February, six weeks before the winners are announced.

The show will be hosted by comic Steve Martin and seen by millions around the world.

Actors Julianne Moore and Denzel Washington have already been lined up to present awards.