The annual award is given to a person who has made an outstanding contribution to the creative community, with recent winners including R/GA founder Bob Greenberg and Bartle Bogle Hegarty founder Sir John Hegarty.
Droga is one of the most awarded creatives at the Cannes International Festival of Creativity, with a haul of over 70 gold and 15 grand prix/titanium Lions won over his career.
The Australian, who won his first Lion when he was 19 years old, said: "I have worked with more talented people and had more opportunities than one creative person deserves.
"The Lion of St Mark honour is beyond my wildest ambitions. It’s incredible to be recognised with this, when you still feel you have so much more to do and prove. But I will soak it up with pride and humility."
At 22, Droga became a partner and executive creative director of OMON Sydney, before becoming executive creative director of Saatchi & Saatchi Singapore in 1996.
In 1999 he was appointed executive creative director of Saatchi & Saatchi London, at age 29, which during his tenure won global agency of the year at Cannes in 2002. A year later Droga became the first worldwide chief creative officer of the Publicis network in New York.
In 2006, he founded Droga5 in New York and within ten years had won back-to-back accolades with Cannes Lions’ independent agency of the year in 2015 and 2016.
Droga will be presented with the Lion of St Mark during the Festival awards ceremony on 24 June.
Jose Papa, managing director of Cannes Lions, said of Droga: "His drive, passion and unbounded creative skill has led him to deliver continual award-winning results. He’s set the global standard."
Previous Lion of St Mark winners:
2016: Marcello Serpa, former partner, AlmapBBDO
2015: Bob Greenberg, founder, chairman and chief executive, R/GA
2014: Joe Pytka, director, PYTKA
2013: Lee Clow, chairman, TBWA\Media Arts Lab, and director of Media Arts, TBWA\Worldwide
2012: Dan Wieden, co-founder and global executive creative director, Wieden & Kennedy
2011: Sir John Hegarty, worldwide creative director and founder, Bartle Bogle Hegarty