The actors have previously appeared in the romantic comedy Bluffmaster! together.
Bachchan told One India: "I am very happy to be a part of Zee Cine Awards (ZCA) this year. I am going to be hosting the show along with my friend and brother Riteish Deshmukh this time.
"The audiences have appreciated Riteish and me together in films, I hope they like our pairing at ZCA also because we are really working hard for it."
Deshmukh added: "Abhi and I are going to be hosting an award function for the very first time together. It is a huge responsibility and we hope to entertain our audiences to the hilt."
Bachchan received the 'Best Actor in a Comic Role' honour for Bol Bachchan at the recent Big Star Entertainment Awards.
In a interview with Digital Spy, the 36-year-old said that the cast of the original are "dying" to get back in front of the camera for a sequel.
Watch the trailer for Bol Bachchan below: