Wright's induction will be the first for anyone from outside the film and television industry, with previous recipients including Alfred Hitchcock, Charlie Chaplin and Steven Spielberg.
"Will's immense, creative body of work and his continued contribution to the industry make him a most worthy recipient of the Fellowship and being such a pioneer, we are thrilled that he will be the first person to receive this honour," said Academy chairman Hilary Bevan Jones.
Wright has been in the video game industry for over 20 years and is most famous for the creation of SimCity and The Sims franchise. His latest project, Spore, has also been gaining much praise and is expected in 2008.
The British Academy Video Games Awards 2007 will take place in London on October 23, with a broadcast going out on E4 on November 4.