Michael Douglas won a best actor Golden Globe for Wall Street

He will pick up the Cecil B DeMille Award from the Hollywood Foreign Press Association 35 years after his father.

Douglas, 59, will be the first second-generation recipient of the honour, which will be given out on 25 January.

Past recipients of the lifetime award include Harrison Ford, Sophia Loren and Jack Nicholson.

The organisation voted to give Douglas the honour for his "outstanding contribution to the entertainment field".

Kirk Douglas has appeared in more than 80 films

Kirk Douglas won the lifetime achievement award in 1968 for a career that included roles in films such as Spartacus, Paths of Glory and The Heroes of Telemark.

Michael Douglas won a best actor Oscar and best actor Golden Globe for his role in 1987's Wall Street, and was also awarded an Oscar and Golden Globe for producing One Flew Over the Cuckoo's Nest in 1975.

The Hollywood Foreign Press Association, who organise the Golden Globes, has also announced that Lily Costner, the 17-year-old daughter of actor/director Kevin Costner, would be next year's Miss Golden Globe.

The awards traditionally appoint the daughter of a well-known celebrity to help assist the show.

"This will be a special night for me, knowing how carefully she has thought about this and come to the decision on her own," Kevin Costner said.

The January event will be the 61st Golden Globes.