The band's set at the four-day event (June 11-14) will be its only festival show of the year.
The set on June 14, which will close the festival, will include original member Christine McVie, who recently confirmed that she would be rejoining the band, reported BBC.
"It's the best news I've had in a long while," festival organizer John Giddings said.
He added that he had been asking the band to perform at the Isle of Wight for the last seven years. "Every year I have asked without fail. I'd like to tell you otherwise but it's true, I have begged them," he said.
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