King, the governor of the Bank of England, follows Barclay's chief executive Bob Diamond in delivering the lecture about current issues facing the global economy.
On May 2, he will address an invited audience of 300 Today programme listeners at an event hosted by Evan Davis, who will also interview King on the following morning's Today programme on Radio 4.
The lecture will be covered by BBC News and aired in full on BBC Radio 4 from 9pm on Wednesday, May 2. As well as being interviewed by Davis, King will answer questions from the audience.
Today editor Ceri Thomas said: "I'm delighted that Sir Mervyn King has agreed to give the 2012 BBC Today Lecture. He's been at the centre of public life in this country through some of the most difficult economic times we've ever known. This is a great opportunity to hear his views and put directly to him some of our listeners' concerns."
Sir Mervyn King added: "I am delighted to have been asked to give the 2012 BBC Today Lecture and to have the opportunity to speak directly to a national radio audience."
Details on how to apply for tickets to the event will be published on the Today website closer to the time, said the BBC.
Also this week, King warned that the UK economy is likely to contract between April and June this year due to the Queen's Diamond Jubilee bank holiday.
Speaking at the House of Lords' Economic Affairs Committee, he forecast a repeat of what happened last year, when the Royal Wedding bank holiday caused a blip in economic output.
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