The West End singer and presenter has previously won two Oliviers - for best actor in a musical in 2008 for Hairspray and in 2013 for Sweeney Todd.
The Olivier Awards, which are celebrating their 40th anniversary this year, will be held at London's Royal Opera House on 3 April.
Ball will also be hosting the nominations announcement, taking place at noon on 29 February.
The announcement will be streamed live at www.olivierawards.com.
Ball, who was made an OBE last month, previously co-hosted the awards in 2011 and 2012.
Last year's big winners were Kinks-inspired musical Sunny Afternoon and drama A View From the Bridge, with Dame Angela Lansbury winning her first Olivier Award for her role as Madame Arcati in Blithe Spirit, her first West End role in nearly 40 years.
Voting opened on Tuesday for the Magic Radio Audience Award, the only Olivier voted on by the public.
The 16 shows in the running for the award are: Beautiful - The Carole King Musical; Charlie and the Chocolate Factory; The Curious Incident of the Dog in the Night-Time; Jersey Boys; Disney's The Lion King; Mamma Mia!; Matilda the Musical; Les Miserables; The Mousetrap; The Phantom of the Opera; The Railway Children; Stomp; Sunny Afternoon; The Play that Goes Wrong; The Woman in Black and Thriller Live.

Its 2015 annual report found cases were down by 23% on the previous year, while a total of 7,589 animals were rescued.
The number of people accepting welfare advice rose from 5,527 to 5,790, and the charity rehomed more than 1,750 animals across Wales.
It also said the numbers of warning notices issued to owners increased.
One of the cases involved a lurcher cross who was dumped injured in a playing field in Flint, Flintshire, after a suspected badger-baiting incident.
Local residents found a female badger in a pool of blood, and the dog - renamed Flint after the town - had its ear torn, part of its nose was missing and had puncture wounds over its body.
Flint needed two operations, dental treatment and weeks of pain relief and antibiotics. Flint was successfully rehomed after an appeal.
Another case saw a litter of eight abandoned puppies found in a bin in Queensferry, Deeside, in March 2015. Some still had their umbilical cord attached. They were eventually found new homes.
Assistant external relations director Claire Lawson said: "Although 2015 was another very busy year for the RSPCA in Wales, progress continued in the fight to reduce cruelty and alleviate suffering.
"There was a fall in the number of cruelty complaints and prosecutions, but a rise in the number of welfare and warning notices we successfully implemented and so we know our education and advice is working."

Wellington Zoo said Lanky had arthritis and had been struggling to support his own weight. He had stopped eating or taking his medicine.
He was euthanised "in his best interests", the zoo said in a statement on Monday.
An Australian pelican, Lanky was the longest living resident of Wellington Zoo, arriving there in 1978.
"Lanky had regular medical examinations and we were able to manage the arthritis in his ankles with pain relief and anti-inflammatories, but his lameness increased over recent months," said the zoo.
His recent refusal to eat was in contrast to his appetite in better days, when he consumed a kilo of fish a day, sometimes "sneaking food off his neighbours" in his favourite haunt of Monkey Island, said Senior Keeper Phil Wisker.
Pelicans from Australia do occasionally drop into New Zealand but Lanky was the only one permanently in the country.
He originally arrived in Wellington from Australia's Adelaide Zoo, after being rescued with three other wild pelicans from a local drought, the zoo said.
"All of us here at the Zoo are sad to see Lanky go, as he has been a real character and much loved by everyone who has cared for him over the last decades," it said.
Michael Ball is to host this year's Olivier Awards, it has been announced.
[NEXT_CONCEPT]
The number of animal cruelty convictions in Wales has fallen by nearly a quarter, the RSPCA Cymru has said.
[NEXT_CONCEPT]
New Zealand's only resident pelican has been put down after living at Wellington Zoo for nearly 40 years.