Cathy Freeman, Raelene Boyle, Ian Thorpe and Shane Gould will all receive the honour from AOC President John Coates.

Freeman claimed a historic 400 metres gold medal at the Sydney 2000 Olympic Games, four years after winning silver in Atlanta.

It is regarded as one of Australia's most significant sporting achievements and an iconic Olympic moment.

The indigenous Australian also lit the Olympic Flame at the Opening Ceremony of the Games.

Thorpe is one of Australia's greatest swimmers, having claimed three gold medals and two silvers at Sydney 2000.

He returned four years later to earn two gold, one silver and a bronze medal at Athens 2004, while Thorpe ended his career with 11 world titles.

Boyle is a three-time Olympic silver medallist, having ended as the runner-up in the women's 200 metres at both Mexico 1968 and Munich 1972.

She was also second in the women's 100m in Munich, while Boyle claimed six Commonwealth Games gold medals during her career.

Gould was a triple gold medallist in Munich, with the swimmer triumphing in the 200m and 400m freestyle events, as well as the women's 200m individual medley. 

She claimed 800m freestyle silver and 100m freestyle bronze at the same Games.

Longstanding members of the Australian Olympic Foundation's Investment Advisory Committee, Paul Bachelor and Angus Douglas, will also be awarded an Order of Merit, along with Geoff Lipshut, chief executive of the Olympic Winter Foundation of Australia.

The Order of Merit is awarded to a person who in the opinion of the AOC Executive has "achieved remarkable merit in the sporting world, either through personal achievement or contribution to the development of sport".

Life membership of the AOC will be given to their vice-president Ian Chesterman in recognition for his service to the organisation and sport.

He has been Australia's Chef de Mission at the past six Winter Olympics and will lead Australia's team to Tokyo 2020.

Jacquelin Magnay has been awarded the Harry Gordon Memorial Award for Olympic Journalism following her coverage of Pyeongchang 2018.

The award was first announced in 2015 in recognition of the distinguished career of Harry Gordon as war correspondent, newspaper editor and Olympic historian, with the honour aimed at recognising the best Olympic journalism by an Australian covering a Games.