The award ceremony will take place on Sunday, reports The Los Angeles Times.
"The Fast and Furious" star was killed in a car crash in November 2013.
Walker's "The Fast and Furious" actor co-star Jordana Brewster will take to the stage and talk about working with him in a speech at the event.
MTV president Stephen Friedman told the newspaper that the tribute is worthy for the actor's fans, who are also considered to be MTV fans.
"Paul Walker was a role model for the MTV audience since the very beginning of his career. Our audience grew up with him, from 'Varsity Blues' to the 'Furious' franchise. He was a movie star but one that they could relate to," said Friedman.
"Paul's humanity and kindness clearly showed through every role. We're honoured to be able to spend a moment in this year's Movie Awards to celebrate him," he added.