The Academy announced the results of the nomination vote, which occurred on Saturday.
Davis is a past Supporting Actress Oscar winner for 1988's "The Accidental Tourist" and a Best Actress actress nominee for 1991's "Thelma and Louise." She will receive the Jean Hersholt Humanitarian Award.
Four-time nominee Lynch ("The Elephant Man," "Mulholland Drive"), two-time nominee Wertmüller ("Seven Beauties"), and Native American actor Studi ("Dances With Wolves," "Last of the Mohicans") will receive Honorary Oscars for career achievement.
This year's Governors Awards will take place October 27, earlier than usual due to the 92nd Academy Awards moving earlier than usual (to February 9).