The titles will be available to download separately from the PlayStation Network for £3.69 on November 7.
Releasing the same day, the games will be packaged together as part of the Sega Vintage Collection on XBLA for 800 Microsoft Points.
Rumoured earlier this year, the games will be updated to support Trophies/Achievements and will be playable co-operatively online.
ToeJam & Earl is a dungeon crawler in which players control alien rappers who have crash-landed on Earth and are trying to find the parts to rebuild their spacecraft. It was a critically-acclaimed on release in 1991.
Sequel ToeJam & Earl in Panic on Funkotron moved away from a top-down viewpoint with random elements to a multiplayer side-scrolling platformer.
A third game in the series was released as an Xbox exclusive in 2002.
The ToeJam & Earl games join recent Dreamcast classics Jet Set Radio and Nights into Dreams on PSN and XBLA.
Watch a video of ToeJam & Earl's gameplay below: