The live special which will run for three hours from 8 on February 15, 2015 and will feature past and present cast members, reported Ace Showbiz.
"'Saturday Night Live' is an institution unlike anything else in television history. The many brilliant 'Not Ready for Primetime Players' over the years is a who's who of film and television comedy for the last two generations," said Robert Greenblatt, Chairman, NBC Entertainment, in a statement.
"The roster includes everyone from the iconic first cast in 1975 to household names ranging from Eddie Murphy, Billy Crystal, Dana Carvey, Mike Myers, Will Ferrell, and Adam Sandler, to Kristen Wiig, Tina Fey, Amy Poehler, Jimmy Fallon, and Seth Meyers - to name only a few," Greenblatt added.
Former regular players Fey, Ferrell, Wiig, Fallon Dan Aykroyd have returned as guest hosts on the show in the past, while Murphy has never appeared on the variety series since his departure in 1984.