The celebrated sketch series announced the news on Instagram on Thursday with a photo of three index cards bearing the date and their names on a cork board.
Gosling is currently gearing up for the release of his hotly anticipated sci-fi sequel Blade Runner 2049, which hits theaters the weekend after SNL's season premiere, while JAY-Z is expected to perform tracks off his chart-topping latest album, 4:44, which dropped on June 30.
This is JAY-Z's fourth outing as a musical guest on SNL, and Gosling's second time serving as host. The handsome star first hosted in December 2015, where he starred in one of the season's funniest sketches, which was made even more hilarious when he couldn't stop giggling.
Check out the video below to see SNL castmember Kate McKinnon make Gosling double over in laughter during the live sketch.