Green will perform a rendition of the hip-hop group's '(You Gotta) Fight For Your Right (To Party!)', reports Access Hollywood. It's unclear if he will be joined by other recording artists.
Yauch, who passed away at 47 earlier this month, is one of three late artists who will be honoured at the music ceremony.
The Billboard Awards will also pay tribute to Whitney Houston, who passed away in February, and Donna Summer, who died on Thursday (May 17) after a battle with lung cancer.
Green is also expected to perform his own track 'Fight To Win' with Cirque du Soleil dancer Jean Sok for a live performance at tonight's show.
The 2012 Billboard Music Awards will air live tonight (May 20) at 8pm ET on ABC.
Watch the music video for '(You Gotta) Fight for Your Right (To Party!)' below: