The song features music by Walter Murphy and lyrics by Seth MacFarlane, who also wrote and directed "Ted," as well as provided the voice for the titular stuffed bear.
"Everybody Needs a Best Friend" is nominated for an Original Song Oscar.
"I had such a great time recording this song with Seth, and was thrilled to find out that it was nominated for an Oscar," Jones said in a statement. "Getting to perform it at such a prestigious event, which my friend [MacFarlane] is hosting, is a once in a lifetime opportunity."
"We are happy to have Norah Jones perform Seth's and Walter Murphy's nominated song on our Oscar telecast," said Zadan and Meron in a joint statement. "We are big admirers of Norah's singing, and she will help celebrate the unique circumstance of having an Oscar host who is also nominated for Best Original Song."
Oscars for outstanding film achievements of 2012 will be presented Feb. 24 at the Dolby Theatre at Hollywood & Highland Center. The ceremony is to air on ABC.