Pele and Franz Beckenbauer will be awarded FIFA's Centennial Order of Merit on Thursday.
The award ceremony was originally scheduled to have taken place at FIFA's Centennial Congress in Paris in May but Pele was recovering from an eye operation and could not attend.
The awards are being given to mark their outstanding lifetime contributions to the sport. Pele won the World Cup with Brazil in 1958 and 1970 and is considered the greatest player in soccer history.
Beckenbauer is the only man to captain and then coach his team to World Cup victory -- feats he achieved in 1974 and then 1990 with West Germany. He is now the president of Germany's 2006 World Cup organising committee.
After the ceremony, due to be held at FIFA's headquarters, the two men will be part of the panel to choose their three favourite FIFA Centennial stamp designs from over 70 submissions from the postal services of FIFA member associations.