The White House hasn't given much indication if the awards will actually happen.
Last November Donald Trump in a tweet talked about a competition called "Fake News Trophy" among the news channels.
"After provoking North Korea and then insulting Palestine, the president turned to America's greatest foe: the fake-news media", Noah said of Trump's announcement.
Trump has fired back against author Michael Wolff and Bannon, calling Wolff a "total loser", and referring to Bannon as "Sloppy Steve".
"And I think I've wasted enough of my viewers' time".
During his tenure as President, Mr Trump has repeatedly claimed the media has been unfair to him.
Mr Trump's awards have been met with widespread mirth with USA talk show hosts offering themselves up for consideration for the awards.
A United States television show has *submitted* its nomination for Donald Trump's "Dishonest And Corrupt Media Awards" with a hilarious fake advert campaign.
It is unclear how Mr Trump's awards will be judged.