The Anchorman star will host SNL for the third time on May 12 alongside musical guest Usher.
Ferrell joined as a castmember of Saturday Night Live in 1995 and remained for seven seasons before departing in 2002.
He has since hosted the sketch comedy series in 2005 and 2009.
The actor has been lauded for a variety of SNL impressions including George W Bush, Jeopardy host Alex Trebek and Inside the Actors Studio's James Lipton.
Eli Manning and Rihanna guest on the next new episode of Saturday Night Live, airing May 5 at 11.30/10.30c on NBC.
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Watch Will Ferrell on SNL's Inside the Actors Studio parody below: