"I feel honoured that I have been chosen for the CK Nayudu award which I guess, is the highest award for cricket in India. I am grateful to the BCCI," Vengsarkar told PTI.
The 116-Test veteran and former national chief selector was - incidentally - nicknamed 'Colonel' for the manner in which he batted which reminded people of India's first Test captain - Nayudu.
Vengsarkar was nominated for the award by a committee comprising senior media personality Shekhar Gupta, BCCI's interim president Shivlal Yadav and its Hony. Secretary Sanjay Patel.
The 58-year-old stylish, right-handed batsman, is set to receive the honour at the Board's annual awards function scheduled here on November 21 ahead of the Indian cricket team's departure for its lengthy tour of Australia.
The award comprises a citation, trophy and a cheque of Rs 25 lakhs. Vengsarkar is the 19th person nominated by the BCCI for the prestigious award.
Vengsarkar came into national prominence with a brilliant hundred with a string of sixes off spin greats Erapalli Prasanna and Bishen Singh Bedi for Mumbai against the Rest of India in the Irani Cup game at the start of the 1975-76 season.
He was picked in the Indian team for the subsequent twin-tours of New Zealand and the West Indies and made his Test debut against New Zealand at Auckland.
In the years that followed, Vengsarkar essayed some extraordinary innings against different and challenging opponents. He is the only non-English batsman to score three Test hundreds at the Lord's cricket ground.
The third of those hundreds an unbeaten 126 in 1986 set up India's first Test win at the venue. The second Indian to have played 100 Tests after his one-time Mumbai and India captain Sunil Gavaskar, Vengsarkar was rated the world's number one batsman in 1986-87.
He was also a member of the Indian team that won the World Cup in 1983, under Kapil Dev, and the World Championship of Cricket in 1985, under Gavaskar. He also led India in 10 Tests in 1987-89 and played in 129 ODIs for the country.
After his playing days, he dabbled in cricket coaching and administration and set up academies in Mumbai and Pune. He won the elections of the Mumbai Cricket Association and also became its vice president.
Vengsarkar also became the chairman of the national panel of selectors in 2006-07 and 2007-08 when Sharad Pawar was at the helm of BCCI.