The presentation is to be broadcast live on CBS April 3 from the MGM Grand Garden Arena.
"This is an incredibly special moment for me," Shelton said in a statement Wednesday. "I am humbled that Reba invited me to co-host the Awards with her. She is not only a mentor to me, but a true friend. She continually supports other artists, which is a testament, really, to her beauty and talent. You will definitely have to tune in and check it out. With the two of us together on live TV, you never know what we might say."
"Last year, Reba and Blake read our nominations and they were just magic together, incredibly funny," added Bob Romeo, the Academy's chief executive officer. "When Reba suggested inviting Blake to join her, the Academy could not have been more pleased. We know the viewers will be blown away by their comic chemistry."
2014: The Year in Music [PHOTOS]