The award, instituted in memory of legends in Malayalam journalism Kesari Balakrishna Pillai and Swadeshabhimani Ramakrishna Pillai, is to recognise outstanding contributions in political, cultural, developmental and journalistic fields.
Chief Minister V S Achuthanandan announced the award after a cabinet meeting.
Venugopal was selected by a committee, comprising state Press Academy Chairman S R Sakthidharan, former Press Academy Chairman Thomas Jacob, senior journalist K G Parameswaran Nair and Information and Public Relations Department director M Nandakumar.
The committee observed that Venugopal played a key role in promoting developmental journalism in Malayalam.
The Swadeshabhimani-Kesari award comprises a cash prize of Rs one lakh and a plaque.