In a statement released to the media, Washington remarked that he is "honoured" to take part in the 17th annual event.
"I am honoured to attend the Nobel Peace Prize Concert this year and participate in this historic and momentous event to help spread the message of global peace," he said.
Artists performing in the Norwegian capital on December 11 will include Colbie Caillat, Elvis Costello and Florence and the Machine, according to The AP.
Norwegian Nobel Committee secretary Geir Lundestad said that he was "thrilled" to have secured the two-time Oscar winner to take part in the festivities.
"We're thrilled to have Mr. Washington join us to host this year's Nobel Peace Prize Concert," he said. "He is the perfect ambassador for this event, which celebrates peace through music and illuminates the notable contributions of the Nobel laureate."
The recipient of this year's Nobel Peace Prize will be announced on October 8 in Oslo.