TV Line reports that the athlete will star on a May 5 broadcast of the longrunning sketch comedy show.
Manning appeared on Saturday Night Live in 2007 as an audience member when brother Peyton Manning hosted the show.
Saturday Night Live has had a long list of athletes host the show, including Andy Roddick, Michael Phelps, Tom Brady and Derek Jeter.
It was rumoured that popular football player Tim Tebow was in talks to host.
Manning will be joined by musical guest Rihanna, who recently praised last weekend's guests One Direction, calling bandmember Harry Styles "a star".
Watch One Direction perform 'What Makes You Beautiful' on Saturday Night Live below: