A pair of Academy Award heavyweights will take the stage when the AFI Life Achievement Award is handed out, with Meryl Streep on hand to present the honor to Shirley MacLaine.

The award will be presented at a black-tie gala on Sunday, June 7, at the Sony Pictures Studios, reports Deadline.com. MacLaine will be the 40th recipient of the prestigious honor.

TV Land will broadcast the all-star event on Sunday, June 24, at 9 p.m. ET. Streep, who received the AFI honor herself in 2004, played MacLaine’s daughter in the 1990 film "Postcards From the Edge."

Streep has received an almost unbelievable 17 Academy Award nominations in acting categories, winning the award three times — including the most recent Oscar for lead actress, for “The Iron Lady.” She also has trophies for “Kramer vs. Kramer” (1979) and “Sophie’s Choice” (1982).

MacLaine is no slouch herself when it comes to Oscar cred. She has a total of six nominations — five for lead actress along with one as a producer on the 1975 documentary “The Other Half of the Sky: A China Memoir” — and took home the trophy in 1984 for her performance in “Terms of Endearment.”