The Academy revealed that Priyanka would be in the presenting line-up on Twitter.
The thrilled actress tweeted "Looking forward @TheAcademy !! This will be an insaaaane night!".
Priyanka will be in good company - Ryan Gosling, Charlize Theron, Steve Carell, Jared Leto, Reese Witherspoon and Julianne Moore will also present.
Priyanka Chopra, 33, won a People's Choice Award for her performance as FBI trainee Alex Parrish in Quantico. Priyanka, currently filming season 2 of the show, was spotted on the red carpet of the SAG Awards last weekend, wearing a Monique Lhuillier dress.
Back home, she was last seen in 2015 hit Bajirao Mastani, for which she won a Filmfare Award for Best Supporting Actress. She next stars as a cop in Prakash Jha's Jai Gangaajal.
The Oscars will be hosted by comedian Chris Rock on the evening of February 28.