Jane Fonda and Dolly Parton will honour one of their oldest friends, Lily Tomlin, with the Screen Actors Guild life achievement award.

The pair have been chosen to present their former 9 to 5 co-star with the trophy at the awards ceremony on January 29, recognising her many years in the entertainment industry as an actress, comedian, writer and producer.

Lily Tomlin
Lily Tomlin will receive the SAG award (Jonathan Brady/PA)

Lily and Jane are also going up against each other for female actor in a comedy series at the awards, with their current Netflix series Grace And Frankie, in which they star and executive produce, earning them both nominations.

Emmy, Grammy and Tony winner Lily is known for her roles in the 1975 film Nashville and 2004′s I Heart Huckabees, as well as Sesame Street and The West Wing.

Jane Fonda
Jane Fonda will hand the award to her friend (Ian West/PA)

Grace And Frankie sees her and Jane play women with little in common who become friends when their husbands decide to marry each other.

Lily will be the 53rd recipient of the life achievement award, given out for career achievement and humanitarian accomplishment.

The 23rd Annual Screen Actors Guild Awards take place on Sunday, January 29.