American Idol winner Phillip Phillips was originally slated to be the headline performer for Fox's New Year's Eve Live, but scheduling conflicts have forced him to cancel.
Phillips will be replaced by The X Factor star Stevens, who took the reality competition's $5 million grand prize last week.
Wayans is to serve as host for the celebration, promoting his upcoming film A Haunted House. Fox's New Year's Eve Live will also feature performances by Carmen Electra and Lifehouse.
The special is being taped at the Mandalay Bay Resort & Casino, with cutaways to Times Square in New York City also being planned.
Fox airs its New Year's Eve holiday special from 11pm to 12:30am ET.
Watch Tate Stevens sing 'Anything Goes' on The X Factor USA below: