Streisand won the Academy Award for best original song for "Evergreen" in 1977. She also sang the theme from "A Star Is Born" that night. She won the Oscar for best actress for 1968's "Funny Girl."
The Academy of Motion Picture Arts and Sciences also announced Wednesday that British singer Adele will perform at the Oscars.
She and producer Paul Epworth are nominated for best original song for the James Bond theme song, "Skyfall."
The 85th Academy Awards air live Feb. 24 on ABC from the Dolby Theatre in Hollywood.