It will be the first time he has raced the shorter distance at the London event, as he prepares for August's World Championships in Berlin.
"I'm looking forward to it and making sure I'm in the right shape before I go to the championships," Bolt said.
"London is a great meet. We have a lot of support there and it is just like being at home."
Bolt won gold in the men's 100m and 200m at the Beijing Olympic Games in world record times and also triumphed in the 4x100m relay with Jamaica.
The grand prix will be Bolt's last event before the Worlds three weeks later.
Bolt has won the 200m in London for the last two years, including running 19.76 seconds in 2008 to record the fastest time ever over that distance in Britain.
"Last year at Crystal Palace I felt great running the 200m. To win there in such style gave me a lot of pleasure," he added.
"That helped to build my confidence towards achieving the three gold medals in Beijing a few weeks later. I'm sure I'll be able to put a show on for the fans."
British sprinter Simeon Williamson, who has impressed during the indoor events in the winter, expressed his desire to show off his skills alongside Bolt.
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