AceShowbiz - Penelope Cruz will be feted with Variety's Creative Impact in Acting Award at the Palm Springs International Film Festival. The 49-year-old actress - who has won an Academy Award, a BAFTA Award, and three Goya Awards during her career - has now been chosen by the outlet to win the special accolade after showcasing her "limitless versatility" in film over the last three decades in Hollywood.

"More than 30 years after her stunning film debut in Bigas Lunas' Venice Festival prize winner, 'Jamon Jamon,' Penelope Cruz continues startling global film audiences with her limitless versatility in films created by the world's finest directors. Her long association with Pedro Almodovar has won her major accolades, and she took home the Oscar for Woody Allen's 'Vicky Cristina Barcelona,' " said Variety's Executive Vice President Content, Steven Gaydos.

The VP went on to add that Penelope is now at the "peak of her powers" in new film "Ferrari" - in which she stars as the wife of businessman Enzo Ferrari as they try to save the luxury car company from bankruptcy - and that it is the magazine's "great honour" to bestow her with the accolade, not only for her "illustrious" career but also for playing the woman at the "heart" of the story.

He said, "She's now at the peak of her powers in Michael Mann's masterpiece, 'Ferrari' It's Variety's great honor to present our Creative Impact in Acting to Penelope Cruz, for both her illustrious career and for her powerful performance as the unforgettable woman at the heart of 'Ferrari.' "

The Palm Springs International Film Festival runs from January 4 to 15, with "Poor Things" director Yorgos Lanthimos and "Killers of the Flower Moon" co-writer Eric Roth also set to be honoured at the prestigious event.