The Mean Girls actress has been announced as the host for the March 3 edition of SNL alongside musical guest Jack White.
Lohan was once one of Saturday Night Live's most frequent guest stars, but has not appeared on the programme since April 2006.
Sources close to the actress told TMZ that she has wanted to return to the NBC series for many years, but chose to wait until problems in her personal life had subsided.
Lohan apparently reached out to SNL executive producer Lorne Michaels in recent months and directly asked to host the March 3 episode.
The two are believed to have been close since Michaels produced Lohan's 2004 break-out hit movie Mean Girls, which was also written by former SNL star Tina Fey.
The March 3 appearance will mark Lohan's fourth hosting stint on Saturday Night Live.
Last weekend's edition of SNL saw Sleigh Bells make their network television debut performing their hit 'Comeback Kid'.
Saturday Night Live airs at 11.30/10.30 on NBC.
Watch a clip of Lindsay Lohan on Saturday Night Live in 2006 below (US only):