The actress will break a long hiatus from both television and film on March 3, CNN reports. The musical guest for the episode will be Jack White.
Lohan's mother Dina announced the news on her Twitter page, posting: "Lindsay Lohan is coming back to Saturday Night Live yay!!! (sic)"
This will be Lohan's first return to the long-running sketch show since hosting in 2006.
Lohan has in recent years faced legal troubles stemming from drug and alcohol abuse, and has been on probation for the last year.
She recently earned $1m to appear in a nude spread for Playboy magazine.
Watch the trailer for Lindsay Lohan's last movie Machete below: