The Hollywood actor will hand over the prestigious accolade to the band - Noel Gallagher, Liam Gallagher, Gem Archer and Andy Bell - at the star-studded ceremony to be held at London's Earls Court on February 14 2007.

A source told Britain's The Sun newspaper: "Having Johnny Depp there is a massive coup for the organisers. Getting Oasis is amazing enough but they needed to have someone iconic to present the award to them, now they've got that someone. Next year's ceremony is going to be broadcast live so the organisers have gone for huge names to spice it up."

Johnny became friends with guitarist Noel in the 90s after meeting through their then girlfriends Kate Moss, who dated Johnny, and Meg Matthews, who was with Noel.

The pair, along with Liam, became such close pals the Pirates of the Caribbean actor was invited to play slide guitar on the track Fade In-Out which features on Oasis' 1997 album Be Here Now.

Oasis will close the ceremony with a selection of their classic hits. Other acts being lined up to perform include the Red Hot Chili Peppers, Scissor Sisters, Take That and Razorlight.