The Grammy Award winning rapper will also perform as musical guest on the January 18th, 2014 episode, the Hollywood Reporter said.
Drake had earlier appeared on the show back in 2011 as a musical guest along with singer-actress Anna Faris.
The Canada-born artist will be the first host of the new year and pull double duty on the episode.
Drake, who released his third studio album 'Nothing Was the Same' in September has plenty of TV acting experience, having starred in the Canadian teen soap 'Degrassi: The Next Generation' from 2001 to 2009.
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