Plus The Feeling and James Morrison to perform
The event will take place at the same time as the Olympic Games closing ceremony in Beijing, China. It will take place on The Mall, in front of Buckingham Palace.
London mayor Boris Johnson will be ceremoniously handed the Olympic flag during the show, reports BBC News.
With 40,000 tickets already allocated to fans via a ballot, the show will also be broadcast on TV channel BBC1 and radio station BBC Radio 2.