Live from New York, it's Iggy Azalea and Ariana Grande!

HollywoodLife is reporting that negotiations are underway for Iggy Azalea and Ariana Grande to be the musical guests when 'Saturday Night Live' premieres its 40th season on Sept. 27.

NBC has not officially announced any guest hosts or musical guests for the upcoming milestone season, but HollywoodLife also reports that it is expected that Chris Brown and Taylor Swift will be appearing this season as well to promote their new albums.

A special tribute dedicated to the late announcer Don Pardo will be aired during the premiere, who voiced the opening introductions for every show in every season (except Season 7) since 1975. Pardo died last month at the age of 96.

In February 2015, a three-hour special reuniting past cast members, guests, musical acts will be aired on NBC to commemorate the show's 40 year history.