The late 'Purple Rain' hitmaker - who who died of an accidental prescription drug overdose in April 2016 - will be remembered with a number special performances from the trio, plus the likes of Beck, Foo Fighters, H.E.R., Earth, Wind & Fire, St. Vincent, Mavis Staples, Chris Martin and Gary Clark, Jr.
A number of the music legend's collaborators are also set to take to the stage for the televised event, which will take place at the Los Angeles Convention Center on January 28, two days after the main Grammys ceremony, and be aired in April.
They include Sheila E., who will be perform with many of the above artists.
The 62-year-old musician has promised fans will get to hear 'The Glamorous Life', the 1984 hit penned by Prince, which launched her to stardom, as well as his 1985 track 'America'.
She said: ''I was very honoured to be able to do this for so many reasons, but to be able to help celebrate the life of a dear friend and be a part of this and be musical director is awesome.''
The Bangles' Susanna Hoffs, who had a hit with 'Manic Monday', which the 'Raspberry Beret' hitmaker penned under the pseudonym Christopher and was originally intended for the group Apollonia 6 in 1984, will also take to the stage.
As well as, Morris Day and the Time, the group Prince formed in Minneapolis in 1981, and his former backing band The Revolution's drummer Bobby Z.
Recording Academy President and CEO, Deborah Dugan said in a statement: ''Prince. The Purple One.
''His Royal Badness -- regardless of how you identify him, he is indisputably one of the greatest musical virtuosos of all time. ''With his subversive attitude and commanding nature, he straddled musical genres and created electrifying music that was bursting with character. He continues to serve as an inspirational icon for artists and fans worldwide, and we are so honoured to pay tribute to his legacy.''
The Grammys has previously aired Salutes to the likes of The Beatles, Aretha Franklin, Sir Elton John and the Bee Gees in the past.
Grammys producer Ken Ehrlich has revealed that the tribute came around after Time teamed up with Bruno Mars for a tribute to the 'Kiss' singer' at the 2017 Grammys.
Fans can expect all the hits and some rare gems as well.
Ken said: ''There are times when we will try and suggest to an artist that their choice might not be the best choice, but ultimately we will go with what their instincts are.''
Some of the artists have already sent over ideas and rough tracks for their own interpretations of Prince's songs.
He added to Rolling Stone: ''I'm really happy, because everyone I've heard, there's a little bit of Prince -- sometimes there's a lot more Prince there.''
Prince was one of the best-selling artists ever, selling more than 100 million records worldwide.
He won eight Grammy Awards, six American Music Awards, a Golden Globe Award, and an Academy Award for the 1984 film 'Purple Rain'.
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