One of India's best batsmen ever, Vengsarkar, who served the nation from 1976 to 1991, was nominated for the award by a committee comprising senior media personality Shekhar Gupta, BCCI interim president Shivlal Yadav and Hony. Secretary Sanjay Patel.
The Col. C.K. Nayudu Lifetime Achievement Award comprises citation, trophy and a cheque for Rupees 25 Lakhs.
Vengsarkar,58, came into national prominence with a belligerent hundred for Mumbai against the Rest of India in the Irani Cup game at the start of the 1975-76 season also his debut year.
He was a member of the Indian team that won the World Cup in 1983 and the World Championship of Cricket in 1985, and he led India in 10 Tests between 1987-89.
Nicknamed 'Colonel', Vengsarkar was Chairman of the BCCI's Talent Research Development Committee for three years, and the Chairman of the All-India Senior Selection Committee for the period, 2006-08.
An award devised to honour the best performers of the year will also see Indian medium-pacer Bhuvneshwar get the Polly Umrigar Trophy for being India's best international cricketer of the 2013-14 season. The award comprises trophy and a cheque for Rs.5 lakhs.
The Meerut-born Bhuvneshwar, 24, has represented India in 11 Tests and 42 ODIs apart from an impressive domestic career for Uttar Pradesh and an IPL representation for Pune Warriors, Royal Challengers Bangalore and Sunrisers Hyderabad.
The BCCI ceremony has been organised at Taj Land's End on Friday evening, prior to Team India's departure to Australia for a Test series.
A pre-departure media conference will also be held before the award function with Team Director Ravi Shastri, Team Manager Arshad Ayub ad skipper Virat Kohli in attendance.