Country singer-songwriter Luke Bryan has also been added to the lineup for the one-hour telecast, said The Hollywood Reporter.
The Grammy nominations concert telecast will air live from Nashville's Bridgestone Arena on December and nominees in numerous categories will be unveiled during the broadcast for the 55th annual Grammy Awards, taking place on February 10, 2013.
Swift, who is already the recipient of six Grammys, is co-hosting the coveted event for the first time while Cool J has hosted the telecast since its inception in 2008.
Additional performers and presenters will be announced in the coming days.