The Canadian rapper will preside over the June 26 ceremony in New York, which will be televised live on TNT.
The Rookie of the Year, Defensive Player of the Year, Sixth Man Award, Most Improved Player and Coach of the Year will be announced during the show. The league and Turner Sports say other awards will be open to fan voting. Those categories and finalists will be announced later this week.
Award winners have previously been announced separately throughout the post-season.
Drake serves as global ambassador for his hometown Toronto Raptors and is frequently seen in courtside seats at their games.