Peavy, who will be recognized for winning the NL Cy Young Award prior to Saturday's game against the Diamondbacks as well, will receive the award from San Diego pitcher Chris Young, who is a member of the MLBPA's executive board.
Peavy, who won the Cy Young Award unanimously after leading the league in strikeouts (240), ERA (2.54) and victories (19), will have his name attached to a trust award by the Major League Baseball Players Trust for $20,000 to Team Focus, a leadership camp for fatherless boys in his hometown of Mobile, Ala.
Players Choice Award winners in all categories will designate charities to receive grants totaling $260,000 from the Players Trust.
Since 1992, the Players Trust has recognized the outstanding on- and off-the-field performances of Players Choice Award winners with contributions over $3 million to charities around the world.
The awards were selected by a secret ballot of Major League players.
Corey Brock is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.