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The pair first starred together in 1993's This Boy's Life before going on to work on films such as Marvin's Room and Martin Scorsese's The Audition.
Thrilled to announce that our favorite Wolf of Wall Street @LeoDiCaprio :heart_eyes: will be presenting Robert DeNiro with his Life Achievement Award at the 26th #sagawards pic.twitter.com/aRLNTyaO8G
- SAG Awards:registered: (@SAGawards) December 6, 2019
De Niro has recently appeared in the critically acclaimed Joker with Joaquin Phoenix and he also stars in Scorsese's new Netflix release The Irishman.
The 76-year-old is a seven-time Academy Award nominee, a six-time BAFTA nominee and a nine-time Golden Globe nominee. He also made his directorial debut in 1993 with A Bronx Tale.
His breakthrough role was in the 1973 film Mean Streets, where he began the first of nine collaborations with director Martin Scorsese, including Goodfellas, Cape Fear and Casino.
Gabrielle Carteris, president of Screen Actors Guild‐American Federation of Television and Radio Artists (SAG-AFTRA) said: "Robert De Niro is an actor of extraordinary depth and ability.
"The characters he creates captivate our imaginations. From the smouldering inferno of young Vito Corleone to the raging bull Jake Lamotta and everybody's grandpa Ben Whittaker, he continues to touch our hearts and open our minds to new and exciting worlds of understanding and emotion.
"It is my great privilege to announce that SAG-AFTRA's highest honour will be presented to one of the most singular talents of our generation, Robert De Niro."
De Niro will follow in the footsteps of previous winners such as Morgan Freeman, Betty White, Julie Andrews and Clint Eastwood.
DiCaprio, 45, and De Niro are now set to begin filming once again for Scorsese's latest film - an adaptation of the murder mystery book Killers of the Flower Moon.
Cinematographer Rodrigo Prieto worked with 77-year-old Scorsese on many of his projects, including his latest release The Irishman, as well as The Wolf of Wall Street which of course starred DiCaprio as stockbroker Jordan Belfort.
In an interview with Collider, Prieto confirmed that their new project is very much set to begin, saying: "Right now I'm in the process of researching different ways of shooting it so we still have to actually meet, and I'll show him images, propose ideas.
"He'll probably have his thoughts too, but we still haven't figured [out the tone of the film]. So, on the way."
The news outlet also reported that during their phone conversation, the filmmaker was actually in Oklahoma - where Killers of the Flower Moon is set - doing 'preliminary camera tests' and scouting for the project, which is expected to start in March 2020.