Armisen will serve as the late-night chat show's band leader, while Meyers will be its host.
"Reunited and it feels so good!" a message on the program's website said. "Seth's former 'SNL' cast-mate Fred Armisen will be pulling band leader duties on 'Late Night,' and we couldn't be more thrilled."
Meyers will take over the show from Jimmy Fallon Feb. 24. Fallon, another "SNL" veteran, recently signed on as emcee of "The Tonight Show."