Dana Edelson/AP
The former Weekend Update anchor and Sarah Palin impersonator will host the 39th season opener on September 28.
It's her fourth time hosting since she left the show in 2006.
Fey's familiar face will help balance out the crop of "SNL" newbies, replacing leading men Jason Sudeikis, Fred Armisen, and Bill Hader. Head writer Seth Meyers is slated to depart in the fall, when he takes over Jimmy Fallon's "Late Night" desk.
The celebrities picked to host the following two episodes are pure ratings bait - having made unflattering headlines recently.
Fresh off her cringeworthy MTV Video Music Awards performance,
Fey will be joined by musical guest Arcade Fire, whose first single off the highly anticipated "Reflektor" album drops Monday night.
Fingers crossed Sarah Palin does something silly before the end of the month to warrant one of Fey's inimitable impressions.