Will Ferrell: Mark Twain American Humor Honoree

We've always known him to be one of the entertainment world's hilarious head honchos, and now Will Ferrell is set to receive a special honor for his comedic efforts.

The "Saturday Night Live" alum - who was out visiting with the "Today" show this morning (May 12) - has been tapped as this year's recipient of the Mark Twain Prize for American Humor.

The 43-year-old will be presented with a copy of an 1884 bronze portrait of Twain, following a celebration at the Kennedy Center this fall.

After heading of the good news, Ferrell told of the accolade, "I am truly honored to receive this distinction. I will now begin cultivating a Mark Twain-esque moustache in anticipation of the event."