The 81-year-old economist turned globe-trotting celebrity speaker won the Nobel in 2006. He will be given the award at the Tokyo 2020 opening ceremony on 23 July.
The Olympic Laurel was created five years ago to recognise endeavours in culture, education, peace and development through sport, according to the IOC.
It was given for the first time at the 2016 Rio Games to Kenyan former Olympian Kip Keino, who opened a children’s home, a school and an athletes’ training centre in his home country.
Yunus founded the Grameen Bank in the 1980s and shared the Nobel Prize with the micro-lender.
His initiatives include the Yunus Sports Hub, a network of social enterprises that promote development through sports.