Live from New York … it's Will Ferrell returning to the stage that got him his start, hosting Saturday Night Live with musical guest star Usher. Ferrell, 44, who recently made headlines by announcing that there will be a sequel to 2004's Anchorman, will host the May 12 live episode of NBC's SNL, the penultimate installment before the close of Season 37.

May 12 will mark the third time Ferrell will host the show since he departed from his role as a regular cast member in 2002 to pursue what has turned out to be a highly successful film career that has included such blockbuster comedies as Old School, Talladega Nights: The Ballad of Ricky Bobby, and Step Brothers. Ferrell's third appearance will tie him in fourth place with fellow former cast member Tina Fey for number of times a former cast member has hosted the show, according to Rolling Stone. Only previous SNL members Dana Carvey, Bill Murray, and Chevy Chase have returned to host more times.

As the musical guest, Usher will perform from his new album, Looking for Myself. The May 12 episode is the second in a line of three consecutive live episodes that will finish out the season. On May 5, Giants quarterback Eli Manning will make his hosting debut with musical guest Rihanna, but the host of the May 19 season finale is being kept tightly under wraps.

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