The 'Gangnam Style' musician will address students at the university on Wednesday, November 7, and follows in the footsteps of politicians, actors and reality TV stars who have spoken there in the past.
Oxford Union spokesperson Finbar McLoughlin told BBC News: "We're expecting the chamber to be full to capacity to hear what Psy has to say. It's great for our members to be able to welcome someone who has had a huge impact on life in such a short space of time."
Psy achieved international fame this summer with his breakthrough single 'Gangnam Style', which has now topped the charts in over 20 countries including Australia and the UK.
The success of the track has taken him all over the world, including recent appearances at the Korean Grand Prix - where he waved the chequered flag at the end of the race - and a visit to the United Nations where he taught secretary-general Ban Ki-moon the 'invisible horse' dance from the 'Gangnam Style' video.
Psy recently admitted that he sometimes feels "freaked out" by the speed at which he has achieved international recognition.
Previous speakers at the Oxford Union range from the Dalai Lama to Katie Price.
Watch the video to 'Gangnam Style' by Psy below:
Photo gallery - Unlikely guest speakers at the Oxford Union:
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