1Billboard announced Wednesday that the 44-year-old will host the awards show on May 19 from the MGM Grand Garden Arena in Las Vegas.
The former Saturday Night Live and 30 Rock cast member says in a statement that he's honoured to host the show.
Taylor Swift, Justin Bieber, Bruno Mars and Miguel will perform. Prince will receive the icon award and will also hit the stage.
The Billboard Music Awards will air live on ABC at 7 p.m.
-- The Associated Press