The 44-year-old will host the awards show on May 19 from the MGM Grand Garden Arena in Las Vegas, reported the Billboard magazine.
The former 'Saturday Night Live' star said in a statement that he is honoured to host the show.
"And how can you say no when Prince is going to be there!," he added.
Taylor Swift, Justin Bieber, Bruno Mars and Miguel will perform at the awards show. American singer Prince will receive the icon award and will also hit the stage.
The Billboard Music Awards will air live on ABC.
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