This cash price is the highest given to any singer and would be given away in the presence of Jayachandran, another hugely popular veteran singer in the industry.
Mathew also informed that a four member jury selected Sreekumar for the award.
Sreekumar, 51, began his singing career in the Malayalam film industry in 1984 and has since won two National and three State awards for the best male playback singer.
He has sung songs in other South Indian languages and Bollywood as well.
Sreekumar, younger brother of veteran music exponent M.G. Radhakrishnan, has now become a music director and made his debut as a composer with Priyadarshan's new Tamil venture "Kanchipuram".
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