Captain Tom Moore is to be knighted for his fundraising efforts after a special nomination from the prime minister.
The war veteran raised more than £32m for NHS charities by completing 100 laps of his garden before his 100th birthday in April.
Boris Johnson said the centenarian had provided the country with "a beacon of light through the fog of coronavirus".
As an honorary colonel, his official title will be Captain Sir Thomas Moore under Ministry of Defence protocol.
The knighthood, which has been approved by the Queen, will be formally announced on Wednesday.
Capt Tom, who was given the honorary title of colonel on his 100th birthday, had initially set out to raise £1,000 for NHS charities by walking laps of the 25m (82ft) loop in his garden in Marston Moretaine, Bedfordshire.
But he eventually raised £32,794,701 from more than one and a half million supporters.
In a statement, Boris Johnson said Capt Tom's "fantastic fundraising broke records" and "inspired the whole country".
"On behalf of everyone who has been moved by his incredible story, I want to say a huge thank you. He's a true national treasure," he said.
Labour Party leader Sir Keir Starmer congratulated Capt Tom and said he had "brought inspiration to millions and helped all of us to celebrate the extraordinary achievements of our NHS".
"In his actions, Tom embodied the national solidarity which has grown throughout this crisis, and showed us that everyone can play their part in helping build a better future."
Capt Tom, who was born in Keighley, West Yorkshire, captured the hearts of the nation and his birthday celebrations were extensive.
The occasion was marked with an RAF flypast as well as birthday greetings from the Queen and prime minister.
He was also made an honorary colonel and received an estimated 140,000 cards.