The "No Problem" hitmaker will perform with his brother, fellow rapper Taylor Bennett at halftime during the event, with Common getting things underway by introducing the teams before tip-off on 16 February.
Before that, the rapper and actor will welcome fans to the United Center, home to the storied Chicago Bulls franchise, by performing a narrative piece about what basketball means to the Windy City.
Chance, real name Chancellor Bennett discussed his performance on U.S. TV show, Inside the NBA, promising fans they can expect a "special" gig and some surprise guests.
"Every time I perform in the city I get those superpowers because I'm in the United Center and yeah, I'm at home, but I'm going to bring out a few special guests, and play some special songs," he said when announcing the news on Thursday, December 19.
Taylor will also perform at halftime during the NBA Rising Stars match at the arena on 14 February, while both Bennett brothers have signed up to be NBA All-Star Ambassadors.
Executives at NBA Cares, the league's global social responsibility program, and Bulls chiefs are also backing Chance's SocialWorks charity and its winter initiatives helping the homeless and unfortunate.