Dakota Meyer braved enemy fire in Afghanistan, in a bid to find and retrieve three missing Marines and a Navy corpsman.
Meyer, who left active duty in June 2010, will be the first living Marine in 41 years to receive the nation's highest award for valor.
Only two living recipients -- Army Staff Sgt. Salvatore Giunta and Army Sgt. 1st Class Leroy Petry -- have received the award for actions in Iraq and Afghanistan.
The decision to present the award to Meyer was first reported Tuesday by Leatherneck, a Marine Corps Association publication, and by the Marine Corps Times, an independent newspaper. Both said Obama called Meyer on Monday to break the news.
Meyer now lives in Texas.