She last sang on the show in 1977, the year she won the best original song award for "Evergreen," the love theme from "A Star is Born."
Oscar producers said in an evening that celebrates movies and music, how could the evening be complete without an icon like Streisand?
Streisand won her first Oscar for best actress in "Funny Girl" in 1968 and was nominated again in 1973 for lead role in "The Way We Were."
With the big night quickly approaching, play the My Picks game to choose who you think will win in each award category.
Have a smart phone or tablet? Download the free official Oscars app to get news and updates about the show. It's available for Apple, Android and Kindle devices.
The Oscars, hosted by Seth MacFarlane, will air live on ABC7 on Feb. 24.