The 27-year-old singer is "delighted" to have been asked to perform at next month's ceremony and has promised to don an outfit that people will remember forever.
He said: "I haven't even discussed what I'm going to wear yet but I want to wear something pretty amazing on stage. Hopefully it'll be something quite iconic.
"It's going to be a really great show. I'm looking forward to performing on it, you know, it's a pleasure and honour to be asked."
Olly released his second album, 'In Case You Didn't Know', last November and is so thrilled by how well it has performed, he is already thinking about releasing a follow-up in the near future.
Speaking at the UK premiere of 'The Muppets' at London's Mayfair hotel on Thursday (26.01.12), he told BANG Showbiz: "The album's doing really well. It's gone double platinum already, which was better than last year, so we're on course for triple platinum and possibly even a million, which would be amazing. Hopefully this year another album as well but I'm not sure at the moment, we'll see how it goes."