On Friday following the news, Twitter lit up - and folks are already speculating what other "characters" might show up with him.
Sandler got his start on the show as a writer back in 1990.
The amusing man will make his debut as host on May 4 along with returning musical guest Shawn Mendes.
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Sandler, who appeared on the show from 1991-95 having joined in 1990 as a writer, now appears in his latest Netflix comedy special 100% Fresh.
Sandler developed some iconic characters and sketches during his tenure like Opera Man and releasing the perennially popular Chanukah Song. Sandler and Farley were both fired from "SNL" in 1995, but Sandler told The Daily Beast in 2014 that "we kind of quit at the same time as being fired". There are guys who love doing it, who are great at doing it. "Why should I? I don't know how good it would be". Like Matthew McConaughey, who is perhaps the most famous example of this since Pulp Fiction reintroduced us to John Travolta, Sandler is ripe for a comeback. Though Sandler has returned to the show a couple times to make quick cameo appearances, this will be his first prominent return to the place that launched his comedy career. I did what I can do on the show'.