The hosting gig will mark one of Lohan's first on-screen appearances in months. She most recently posed for the cover of Playboy for the January/ February 2012 issue, and last appeared on the big screen in the 2010 film Machete. Earlier this year, it was reported that Lohan was "in talks" to play Elizabeth Taylor in an upcoming Lifetime TV movie based on the actress' life.
Lohan is currently on probation for driving under the influence and shoplifting, but her probation could end as early as next month, according to a January report from The Los Angeles Times.
She previously hosted SNL in 2004, 2005 and 2006.
Will you watch Lohan on SNL?