The superstars are joining an impressive lineup that includes Billie Eilish, Lizzo, Ariana Grande, Gwen Stefani and Blake Shelton among others.
Aerosmith will also take the stage at Los Angeles's Staples Center on January 26 for music's biggest night, which will be hosted by Alicia Keys.
The Recording Academy promised a career-spanning performance from the "Dream On" rockers, who will return to the Grammy stage almost 30 years after they first played at the awards in 1991.
In addition to performing at the award ceremony, Tyler, the Creator is also competing for Best Rap Album for his critically-acclaimed fifth opus, "IGOR."
Dreamville, Meek Mill, 21 Savage and YBN Cordae also earned nominations in the category.
However, the rapper-producer did not score a nomination for the prestigious Album of the Year prize, despite the critical and commercial success of the follow-up to 2017's "Flower Boy."
Meanwhile, the 62nd edition of the Grammy Awards will mark Lovato's first performance since overcoming a reported drug overdose in July 2018.
"I told you next time you'd hear from me I'd be singing," she wrote on Instagram to announce her upcoming participation at the Grammys.
Following the near-fatal incident, the vocalist took an extended hiatus from music, pointing out at the time in a statement that she needed "time to heal and focus on my sobriety and road to recovery."
Last May, Lovato revealed that she had signed with a new manager, Scooter Braun, prompting fans to believe that the singer-songwriter was working on new music.
Lovato dropped her sixth studio album, "Tell Me You Love Me," in September 2017.
Since, the 27-year-old vocalist has only shared the standalone single, "Sober," in which she alluded to entering a rehab program following her overdose.
It is still unclear whether Lovato will be performing new or old songs at the Grammys 2020, although she confirmed during a Teen Vogue summit back in November that she has been working on new material.
During the panel, she notably mentioned that she was "so cautious this time around of jumping back into things."