The Dark Shadows star has been named as the latest recipient of the MTV Generation Award, the highest accolade the show has to offer, MTV reports.
The MTV Generation Award is presented to actors who "can be counted on to engage the MTV audience with everything he or she does". Previous recipients have included Reese Witherspoon, Ben Stiller and Tom Cruise.
The Black Keys will be on hand to sing a special version of 'Gold on the Ceiling' in Depp's honour.
In May, Depp addressed rumours of a rift between him and Vanessa Paradis, insisting that the reports are "absolutely not true".
Emma Stone will also receive a special MTV Movie Award. She will be presented with the first 'MTV Trailblazer Award'.
The 2012 MTV Movie Awards will air live from the Gibson Amphitheatre in Universal City, California, on Sunday, June 3, at 9pm ET/PT on MTV.