Will Ferrell Will Host SNL May 12

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LOS ANGELES, CA - NOVEMBER 12: Actor Will Ferrell arrives at 2011 MOCA Gala, An Artist's Life Manifesto, Directed by Marina Abramovic at MOCA Grand Avenue on November 12, 2011 in Los Angeles, California. (Photo by Frazer Harrison/Getty Images for MOCA) Photo: Frazer Harrison/2011 Getty Images

Will Ferrell will host Saturday Night Live on May 12, NBC announced today, marking his third time as host since he left the cast in 2002. He'll also be the third former cast member to host this season, along with Jimmy Fallon and Maya Rudolph. The last time Ferrell hosted, back in 2009, the show ended with that baffling, wonderful ensemble performance of "Goodnight Saigon," so, high hopes.