The 50-year-old is being honoured for his services to sport and charity.
Earlier this year, Sir David said he was “immensely proud” of being recognised in the King’s Birthday Honours.
The sports star from north-east London made his Premier League debut for Manchester United in 1995 and was part of the team that earned a dramatic Champions League final victory in 1999 when they beat Bayern Munich with two late goals.
In total, he scored 85 goals and collected honours, including six Premier League titles and two FA Cups as a footballer, before retiring from the sport in 2013.
Alongside his football career, he has supported a number of charity causes, including serving as a goodwill ambassador for humanitarian aid organisation Unicef since 2005.
Last year, Sir David, who has described himself as a “huge royalist”, was named an ambassador for the King’s Foundation, an educational charity established by the King in 1990.
He is also known for his stylish clothing choices, and in 1998 was named most stylish man of the year by GQ magazine, and he has modelled for the likes of H&M, Armani and Boss.
Sir David married his wife Victoria in 1999, and the couple share four children together – Brooklyn, Romeo, Cruz and Harper.
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Also among the personalities to be honoured on Tuesday are Nobel Prize-winning novelist Sir Kazuo Ishiguro and West End performer Dame Elaine Paige.
Sir Kazuo was made a Companion of Honour for services to literature.
Dame Elaine, given a damehood for services to music and charity, was born Elaine Bickerstaff in north London in 1948 and became an overnight star with her portrayal of Eva Peron in Lord Andrew Lloyd Webber’s hit musical Evita.
