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Kerkorian, 93, is a Los Angeles-based financier who founded the Strip casino giant and still remains the company's largest stockholder. Kerkorian is also a member of the MGM Resorts board of directors.
The donation of the assets from the Lincy Foundation will establish the Dream Fund, to be managed by the UCLA Foundation.
The school said in a statement on its website the funds would support medical research and academic programs at the university as well as other "charitable projects throughout the United States."
Kerkorian is chief executive officer of the Tracinda Corp., his private investment arm that owns 27 percent of MGM Resorts. Last month, Tracinda released statement saying it may "explore potential transactions" concerning the MGM Resorts investment.
The Lincy Foundation was founded in 1989 and has given more than $1.1 billion to schools, hospitals and Armenian charities, according to the statement from UCLA.
The Lincy Foundation and Tracinda are named after Kerkorian's daughters, Tracy and Linda.
"Mr. Kerkorian and The Lincy Foundation have a long history of major charitable giving, and the UCLA Foundation is honored to have been entrusted to continue their mission," said UCLA Chancellor Gene Block in a statement.
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