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The Theatre World Awards has previously presented the honor to Alan Alda, Christopher Plummer, and Chita Rivera.
The show will air on NBC 4 in New York.
The annual MCC Theater event features Broadway performers singing songs from roles they'd be totally wrong for.
Saks helmed the original productions of Brighton Beach Memoirs and Rags, among many other shows.
Broadway's Ben Platt and Leslie Odom Jr. also join the lineup of performers.
The honors were presented in a ceremony on June 2.
Christopher Plummer launches a symphony of language using wisdom and witticisms as his instruments.