Toronto rapper Drake has accepted the Canadian Academy of Recording Arts and Sciences invitation to host the 40th anniversary of the Juno Awards. It will be held in his home city March 27 at the Air Canada Centre and broadcast live on CTV.

"I am beyond honored to be hosting this monumental Juno Awards in the greatest city on earth," Drake said in a statement. "I want to bring a youthful energy to the show and encourage people to be excited about what Canadian music has to offer."

The 24-year-old Toronto native's first single, "Best I Ever Had," went to No. 1 on the Billboard rap chart and No. 2 on the Billboard Hot 100, before he had officially signed with Lil Wayne's Aspire/Cash Money/Young Money.

In April of this year, he received two Juno Awards for rap recording artist and new artist, and performed on the show with fellow Canadian pop phenom Justin Bieber. His debut album, "Thank Me Later," bowed at No. 1 in the Billboard 200 in June.

Drake has just received four Grammy nominations: best new artist, best rap album, best rap solo performance, and best rap performance by a duo or group. He closed out the show last year by performing "Forever" with Lil Wayne and Eminem.

As host of the Junos, he follows a long line of artists who have been brought in to host Canada's biggest awards show, including Shania Twain, Nelly Furtado, Barenaked Ladies and Alanis Morissette.

Nominations for the 2011 Juno Awards will be announced on Feb. 1, 2011.