The two stars, who have hit the studio together for hits like "Messin' Around" and "I Like It" and toured together in 2014, will be part of the 'Throwback Thursday' theme of the ceremony in Miami, Florida on 14 July (16).
Iglesias will also perform his current single Duele el corazon for the youth awards, hosted by Becky G, Luis Coronel, Prince Royce and actors Alejandra Espinoza and William Levy.
Prince Royce, Maluma, Becky G, J Balvin, Laura Pausini and Jesse & Joy have also been announced as performers.