Morgan is best known for his work on TV's "Saturday Night Live" and "30 Rock."
The 2013 Billboard Music Awards show is to air live from the MGM Grand Garden Arena May 19.
"I'm honored to be a part of one of music's biggest nights," said Morgan in a statement Wednesday. "When you look at the artists who have come up through Billboard over the years, it's incredible. And how can you say no when Prince is going to be there?"