The 47-year-old, renowned for his left-arm pace bowling, has been fighting against the disease since 1997.
"I have fought against diabetes because of my discipline and hard work and the young leader's award will be a just reward for my discipline," Wasim told AFP.
Wasim will get the award during the World Diabetes Congress to be held in Melbourne, Australia from December 2-6.
The International Diabetic Foundation will be organising the congress.
Wasim, who took 414 Tests and 502 one-day wickets, will also deliver a lecture to help create awareness on diabetes.
"There is a need to create an awareness about diabetes because a lot of people don't know about it and think that it's not curable," said Wasim, declared player of the match in Pakistan's World Cup win against England in Australia in 1992.
According to the World Health Organisation statement of 2011 around 12.9 million people have been diagnosed with diabetes in Pakistan.
Wasim said he will also give coaching on how to deal with the disease.
"I will give lectures and will coach people on how to cure the disease through exercise and balanced diet and share my experiences with those afflicted with the disease," said Wasim.
Wasim married Australian Shaniera Thompson in August this year - his second wife after his first died in October 2009.
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legend and hero
@Ashok: Thank you.
Wasim Akram is a role model for all people. He has shown thru his dedication, hard work, discipline & commitment that you can excel in your given field in spite of all handicaps. Congratulations to him and best wishes for the future.
Good man. His contributions in any form anywhere will be most welcome, be it in cricket or in other fields.
Salute to the greatest of them all!!!