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"I'm thrilled to be part of Music's Biggest Night," the lauded rapper-turned-actor said in a statement. "I will always have fond memories of my first Grammy Awards and to now be hosting the Grammy show, in the company of so many other incredible artists, is a dream come true."
Seven years ago, Queen Latifah hosted the Grammys, and before her, TV hosts and actors such as Ellen DeGeneres and Jon Stewart have laid claim to the title.
Acclaimed rhymers like Kanye West and Nicki Minaj are up for awards during the ceremony -- West for Song of the Year, Best Rap Performance, Best Rap/Sung Collaboration, Best Rap Song and Best Rap Album while Minaj will compete for Best New Artist. Singers such as Bruno Mars earned nods for Song of the Year, Record of the Year and Album of the Year. Rihanna also faces off against the crooner in the latter category for her fifth studio LP 'Loud.'
The 54th Annual Grammy Awards air live from the Staples Center at 8PM EST on Feb. 12, 2012.