The gala will be held at UCLA's Pauley Pavilion in Los Angeles on July 17, with Michael Strahan overseeing a night that will honour the top athletes in the US, reported Us magazine.
Florida Georgia Line are slated to perform their number-one US country hit 'Cruise' and 'This Is How We Roll' during the telecast.
Joining celebrity presenters Arnett, Fox and Faris will be Nick Cannon, George Lopez, Debby Ryan and 'Modern Family' star Rico Rodriguez.
An all-star lineup of sport stars - including NBA MVP Kevin Durant, skateboarder Tony Hawk and Olympic gymnast McKayla Maroney - have also been tapped to give away awards.