Sylvester Stallone waves to fans during the premiere for his latest movie Rambo in Tokyo May 8, 2008. REUTERS/Toru Hanai

Sylvester Stallone will receive the Glory to the Filmmaker Award at the upcoming Venice Film Festival, organizers said Wednesday.

The prize, which previously has been awarded to Takeshi Kitano, Agnes Varda and Abbas Kiarostami, is given each year to an artist who has left a mark on contemporary cinema.

Being honored at the Venice Film Festival is something I have always hoped would become a reality, and now that it's actually happened it's been well worth the wait, Stallone said in a statement.

The 66th edition of the Venice festival runs September 2-12.