The University will award the degree of Doctor of Laws honoris causa in recognition of their achievements and outstanding contributions to the game of golf.
The awards ceremony - a traditional feature of Open Week in St Andrews - will take place at 3 p.m. on July 13th in the University's graduation venue at Younger Hall in North Street, St Andrews.
The degrees will be conferred by University Chancellor Sir Menzies Campbell.
Members of the public are warmly invited to attend the ceremony. Tickets are free and interest may be registered by email to golfgrad@st-andrews.ac.uk
University Principal Dr Louise Richardson said : "Individually and collectively, Arnold Palmer, Tom Watson and Padraig Harrington exemplify excellence, drive and achievement at the highest levels of professional sport."
"This will be an opportunity for St Andrews and Scotland to honour their determination and achievement in the game of golf and the pursuit of excellence. We are absolutely delighted that they have agreed to accept these Honorary Degrees at the home of golf on the eve of the 150th anniversary of the Open Championship."
Founded in the 15th century, St Andrews is Scotland's first university and the third oldest in the English speaking world.
The University is one of Europe's most research intensive seats of learning. It is one of the world's top rated for research, teaching quality and student satisfaction and is consistently ranked among the UK's top five universities.
Previous recipients of Honorary Degrees from St Andrews include golf legends Jack Nicklaus, Seve Ballesteros, Gary Player, Colin Montgomerie, Nick Faldo, Peter Thomson and Peter Allis. All have been invited to this year's ceremony to witness their fellow professionals receive their degrees.