The band top the main stage on Sunday, June 12, following headline sets from Kings of Leon on June 10 and Foo Fighters on June 11. Pulp will also play the main stage on June 11.
Festival promoter John Giddings said: "We wanted the kings of rock 'n' roll every night for our tenth birthday and the choices were obvious.
"Kasabian have reignited UK rock music and taken the mantle, long may they reign. It will be a riotous crowd-pleasing end to the weekend and I think that Jimi Hendrix would approve of our choices!"
Tickets for the 2011 Isle of Wight Festival go on general sale tomorrow at 9am.