The 20-year-old rapper will fill in for the 'Stupid Hoe' artist, who backed out at the last minute, according to the NY Post.
Speaking of the event, which takes place on Monday (May 7) in New York City, Banks took to her Twitter page to share two messages that have since been removed.
She wrote: "I've been invited to perform for PRADA next week in NYC! Gonna b so lush!!
"Let's see what new songs I debut there! #metball2012."
She also tweeted that she will be attending the Costume Institute gala on the arm of designer Alexander Wang, who is making her outfit and shoes.
Watch the video for Azealia Banks's '212' below (adult content):