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The former Beatle will close the event on Sunday, June 13 as part of his 'Up and Coming Tour', which starts in the US later this month.
"I always remember hearing such great things about this festival and it has such a sense of history with the likes of Jimi Hendrix playing there the first time round," he said.
"This will be my first show on the Isle of Wight and I'm looking forward to a rollicking night of rock 'n' roll."
Jay-Z, The Strokes, Pink, Calvin Harris, Spandau Ballet and Florence and The Machine will also play the festival at Seaclose Park, Newport.
McCartney will also perform at this year's Hard Rock Calling in Hyde Park and has concerts scheduled at Cardiff's Millennium Stadium, Hamden Park in Glasgow and RDS in Dublin.
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