The star will be hosting the hit show on April 2 where he will also perform with Leon Russell. It is the first time the Rocket Man singer has been on the show since 1982, when he performed Empty Garden and Ball And Chain.
According to The Hollywood Reporter, the news of his booking on the show was revealed at his Oscars viewing party held to benefit the Elton John Aids Foundation.
A live auction was held at the party and one of the prizes was VIP access for two to the April 2 SNL show as well as a cast after-party.
They later went for $75,000.