Live with Regis and Kelly Live with Regis and Kelly

Regis Philbin will receive the Legend Award at this year's TV Land Awards, the cable network announced Monday.

The Legend Award is given to an entertainer or TV show that has stood the test of time and ranks among the most celebrated in entertainment history. Previous winners include Garry Marshall, Mel Brooks, Carl Reiner and Don Rickles.

"Hey, it's about time! Only kidding," Philbin said in a statement. "I'm delighted to receive this award.  Thanks, TV Land."

Regis Philbin leaving Live! with Regis and Kelly

The announcement comes barely two weeks after Philbin, 79, announced plans to step down from his longtime morning show, Live! with Regis and Kelly. He is also known for his work on The Joey Bishop Show in the late '60s and, more recently, as the host of Who Wants to Be a Millionaire?

"Regis Philbin is an adored television icon," TV Land President Larry W. Jones said.  "A native New Yorker, he has given a slice of the city to all of his loyal viewers.  TV Land is thrilled to have an opportunity to honor him."

Other honorees announced for this year's TV Land Awards include The Cosby Show and Family Ties.

The ninth annual TV Land Awards will be broadcast Sunday, April 17.