The Spanish director of The Impossible, which shattered four-day opening records in Spain last weekend when it debuted on $13.3m through Warner Bros, will collect the honour on Oct 18.
Organisers at the 48th Chicago International Film Festival will screen The Impossible prior to the ceremony.
Bayona’s feature film debut was The Orphanage, produced by Guillermo Del Toro.
The Impossible stars Naomi Watts and Ewan McGregor and will open in North America through Summit Entertainment on Dec 21.
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