The musical composer and lyricist will recite a classical work during the event on Wednesday, the Presidential Inaugural Committee announced in a statement.
They will join musicians including Jon Bon Jovi, Bruce Springsteen, Justin Timberlake, Demi Lovato and John Legend in appearing at the ceremony.
Watch: Lady Gaga, Jennifer Lopez to perform at Biden inauguration
Lady Gaga will sing the national anthem as Mr Biden and Vice President-elect Kamala Harris are sworn in to office, with Jennifer Lopez also giving a musical performance.
Later that day, Tom Hanks will host a 90-minute prime-time TV special celebrating Mr Biden’s inauguration.
It comes as former FBI Director James Comey likened outgoing president Donald Trump to a “mob boss”.
Mr Comey, who was fired by Mr Trump in 2017, was asked about what Mr Trump is like and how he will cope with not being in office any more by Sophy Ridge on Sky News.
He said: “I have never seen an adult with a greater hunger for affirmation than Donald Trump.
“I’ve seen it in two-year-olds and three-year-olds.
“Then there’s one other piece that people don’t often see – there’s a menace to him in private that you don’t pick up in public and I have felt it sitting close to him, that constantly reminded me of a mob boss because I’ve known mob bosses and helped put them in jail.
“That menace, coupled with that hunger for affirmation, is a really dangerous recipe.”
Reporting by PA
Watch: Tom Hanks to host Biden Inauguration TV Special ‘Celebrating America’