Dad-of-two James found fame playing Smithy in the much-loved rom-com Gavin and Stacey, and has since impressed critics with roles in the West End and Broadway. He is also known for his charity work with Comic Relief and Sport Relief.
A Buckingham Palace source told the Sun, "James Corden is a huge young talent on many different fronts. His charitable work is also very impressive, making him a fantastic ambassador for the nation."
James isn't just a big name in Britain; he recently cracked the States. He starred with Keira Knightley in the 2013 comedy Begin Again and will next appear on screen alongside Meryl Streep in the Hollywood musical Into The Woods.
In September, it was announced that he was taking over from Craig Ferguson as the host of the popular American talk show The Late Late Show, beginning on 23 March 2015.
The New Year honours list will be published on 31 December. According to the Sun, Joan Collins will be made a dame after 60 years in the industry.