The actor will receive the award during the festival's gala fundraiser, which is set to be held on September 11, the organisers said in a statement posted on the official website.
The honour recognises the film industry’s outstanding contributors and their achievements, recognizing leading industry members, acting talent, directorial expertise, new talent, and below-the-line artists and creators.
Fraser's upcoming movie, "The Whale", directed by Darren Aronofsky, will have its North American premiere at the Toronto International Film Festival.
“Brendan Fraser gives a performance of staggering depth, power, and nuance in 'The Whale'. This former Torontonian has been an action star, a screen comic, and a romantic lead. We’re thrilled to welcome him home as the actor behind one of the finest performances of the year," TIFF CEO Cameron Bailey said.
Other recipients of this year's TIFF Tribute Awards include the entire cast of "My Policeman", which includes Harry Styles, Emma Corrin, Rupert Everett, Linus Roache, and David Dawson.
Filmmaker Sam Mendes has been named the recipient of the Director Award for his upcoming film "Empire of Light".