Billboard announced Wednesday that the 44-year-old will host the awards show on May 19 from the MGM Grand Garden Arena in Las Vegas.
The former "Saturday Night Live" and "30 Rock" cast member says in a statement that he's honored to host the show.
Taylor Swift, Justin Bieber, Bruno Mars and Miguel will perform at the awards show. Prince will receive the icon award and will also hit the stage.
Morgan adds in his statement: "And how can you say no when Prince is going to be there!"
The Billboard Music Awards will air live on ABC at 8 p.m. Eastern.