If they remain the only performers for the show, it will mark the first time two women have co-headlined a Superbowl show, without another male act.
Lopez, 50, and Shakira, 42, both posted a photograph of them standing side by side on social media to announce the news on Thursday, reports dailymail.co.uk.
"Going to see the world on fire," Lopez wrote.
"It doesn't get any bigger than this! So excited about getting on that #SuperBowlLIV #PepsiHalftime stage," posted Shakira.
The singers, who have released music in Spanish and English, will perform on February 2 at Hard Rock Stadium in Miami Gardens, Florida.
The duo follow in the footsteps of Maroon 5, Justin Timberlake, Beyonce, Bruno Mars, Katy Perry, and Lady Gaga, who have headlined the popular show in the US. Jay-Z's Roc Nation company is co-producing the NFL's 100th anniversary halftime show.
It will be the first collaboration between the two chart toppers. The performance happens to fall on Shakira's 43rd birthday.
"I'm so honoured to be taking on one of the world's biggest stages in the company of a fellow female artist to represent Latinos and Latinas from the US and all over the world and to top it off, on my birthday. This is a true American dream and we are going to bring the show of a lifetime," Shakira said.
To this, Lopez said: "Because I am performing with a fellow Latina, I can't wait to show what us girls can do on the world's biggest stage. Ever since I saw Diana Ross fly off into the sky at the Halftime Show, I dreamed of performing at the Super Bowl."
Lopez's fiance Alex Rodriguez, also shared their announcement to Instagram, saying "So proud and so excited! Bringing it home."
( With inputs from IANS )