The Flawsome Ball is to be held on October 18 in New York City to benefit the Lower Eastside Girls Club. Drake will serve as the entertainment for the gala by performing an intimate set.
Banks said in a statement that she is very excited that Drake will help her raise money for underprivileged young women.
"Through this partnership, my lifelong mission of raising the self-esteem of young women and empowering them to feel beautiful inside and out can be realised for years to come," Banks commented.
The Flawsome Ball is named after a term coined by Banks out of the words "flaws" and "awesome".
Banks has been a long-time advocate for young girls, having established the TZONE Foundation in 1999, She has also funded the Tyra Banks Scholarship for African-American girls.
Her series America's Next Top Model airs Fridays at 8/7c on The CW.
Watch Drake's 'Take Care' music video below: