The band will be joined by Adam Lambert at the UK's event on July 6-8, while the festival will continue to tour across Europe throughout the summer.
Lambert told the Daily Star: "The intention is to pay tribute to Freddie and the band by singing some f**king great songs. It's to keep the music alive for the fans and give it an energy that Freddie would have been proud of.
"After the EMAs, I heard faint little slithers of a backlash from people saying, 'You can't replace Freddie Mercury'. But I already knew that."
He added: "There's no intention in my mind of replacing Freddie. That's impossible. The way I'm choosing to view it is that it's a great honour and one I'm in no way going to shirk."
The trio - which also consists of Queen members Brian May and Roger Taylor - have discussed the possibility of recording a new album together.
Lambert explained: "It'd be cool to record with Brian and Roger. Being asked to front Queen is the best thing that can possibly happen."
Lambert is currently preparing to release his second studio album Trespassing later this year.
His new single 'Better Than I Know Myself' is available to download in the US now and will be officially released in the UK on March 12.
> Adam Lambert's new album 'Trespassing': First listen
> Adam Lambert reveals new album 'Trespassing' artwork
Watch the music video for Adam Lambert's 'Better Than I Know Myself' below: