Leonardo DiCaprio has featured in Scorsese's movies like "Gangs of New York", "The Aviator" and "The Departed".
"Leonardo DiCaprio is a very serious young actor, he takes it quite seriously. I knew he had something when I saw him read. So even though Leonardo DiCaprio has taken my place in Marty's (Martin Scorsese) movies, I'm apparently the go-to guy in handing out the hardware," De Niro said in a statement.
The veteran actor, who has been in the industry for over four decades, pointed out one change he has witnessed over time.
"I've gotten pretty good at giving out awards, but frankly I've gotten out of practice accepting an award myself," he said.