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The announcement also raises speculation about possible new material from the rapper.
Pink is also headlining, 10 years after her debut appearance at V back in 2007.
The festival swaps performers over two nights from Hylands Park in Chelmsford to Weston Park in the Midlands. Radio 1 will also be hosting its own stage on Friday at Chelmsford.
Jay Z was recently inducted into the Songwriters Hall Of Fame as one of the best-selling musicians of all time.
He also appeared on Frank Ocean's first Beats 1 show talking about some of the best music not making it onto the radio.
Image captionJay Z and family watching some tall men throw a rubber ball through a big hole
It will be Jay Z's first time headlining V but he did headline Glastonbury in 2008.
Beyonce has also performed at the event headlining back in 2013.
It's unlikely she'll be watching from the sidelines on this occasion though as she's expecting twins in July.
Also on the bill are Ellie Golding, Craig David, Rudimental, JP Cooper and Busted.
(BBC)
