The reformed Manchester band and the 'Somebody Told Me' hitmakers will top the bill at the annual event, which takes place in both Hylands Park, Chelmsford and Weston Park, Staffordshire across the weekend of August 18 and 19.
Other acts announced to perform this year include Noel Gallagher's High Flying Birds, Ed Sheeran, Snow Patrol, The Happy Mondays, David Guetta, Emeli Sande, Professor Green, Rizzle Kicks, The Ting Tings and Tinie Tempah.
Olly - who hails from Essex - is returning to the V stage for the second time and can't wait to perform.
He said: ''Coming back to play at V Festival for a second year is fantastic! I've been going to the festival as a punter for years, so performing there is always going to be special - especially on that main stage.
''I'm bringing my full 10-piece band with me this year, it's going to be immense - I can't wait.''
Tickets for this year's event go on sale at 10am on Friday March 2. Visit www.vfestival.com for more information.