The 36-year-old beauty - who won the Best Supporting Actress Oscar in 2009 for her role as Maria Elena in `Vicky Cristina Barcelona` - is to receive the 2,436th star from the Hollywood Chamber of Commerce in recognition of her being the first Spanish actress to win an Academy Award.
Director Rob Marshall will unveil the landmark in front of the iconic El Capitan Theatre on April 1.
The `Nine` star - who recently gave birth to her first child, baby son Leo, with husband Javier Bardem - recently joked that winning an Oscar was like getting the best toy ever.
She said: "My Oscar lives in my house, but it changes rooms all the time. I`m looking at it in different places to make the final decision. I even took it to the beach one day. It`s like being five when you finally get a toy you`ve been asking for."
However, despite scooping the prestigious accolade, Penelope insisted she doesn`t feel any extra pressure when making her films.
She added: "I`ve always felt under pressure and had a lot of insecurity, so that doesn`t change and I don`t want that to alter. I don`t want to get to the set and feel too secure. I`ve worked for so many years feeling a lot of respect and healthy fear of the work and I don`t feel I can change that now."