The ceremony will be telecast on NBC live from the Microsoft Theater in Los Angeles on 12 September, It will also be streamed live on Peacock for the first time.
Thompson, 44, reacted to the news in a statement on Thursday (9 August), calling the opportunity “ridiculously exciting”.
“Being a part of this incredible evening where we honor the best of the television community is ridiculously exciting.” he said, adding, “And to do it on NBC – my longtime network family – makes it even more special.”
Thompson has been associated with the popular late-night sketch show for nearly two decades and will return for his 20th season this fall – making him the longest-running SNL cast member in the NBC show’s history.
Thompson has received six Emmy nominations, including a lead acting nomination for his sitcom Kenan, and a supporting actor nomination for SNL in 2021.
He won the Emmy for Outstanding Original Music & Lyrics in 2018 for his work as lyrics co-writer of the song “Come Back, Barack”, which was featured on SNL that year.
The comedian and actor will receive a star on the Hollywood Walk of Fame later this month, in the run-up to his debut as Emmys host.
Thompson was an original cast member of Nickelodeon's children's sketch comedy series All That and starred with Kel Mitchell on the spinoff Kenan and Kel. His film credits also include Clifford the Big Red Dog and Barbershop 2: Back in Business.
Earlier this year, Thompson filed for divorce from his wife of 11 years Christina Evangeline. The former couple share two daughters – Georgia and Gianna – together.
The 2022 Emmy nominations were announced on 12 July.
Find the full list of nominations here.
Additional reporting by Associated Press