Streisand won the Academy Award for best original song for Evergreen in 1977. She also sang the theme from A Star Is Born that night.
The 70-year-old actress is a double Oscar winner, also taking the gong for best actress for 1968's Funny Girl.
Making her comeback! Barbra Streisand, 70, is confirmed as performing at the Oscars in February; seen at an event last month
Vanity Fair's The Hollywood blog commented: 'We are hoping that she will not be performing a number from her recent road-trip comedy, The Guilt Trip - and will be participating in the recently announced “movie musical tribute” part of the night’s proceedings.'
The Academy of Motion Picture Arts and Sciences also announced on Wednesday that British singer Adele will perform at the Oscars.
It will mark her first big performance since welcoming her first child into the world last October.
The 24-year-old singer will perform Skyfall, the theme tune to the latest James Bond movie, during the 85th Academy Awards at Los Angeles' Dolby Theatre on February 24.
In her prime: Barbra Streisand holding her Best Actress Oscar for Funny Girl in 1969
Adele said: 'It's an honour to be nominated and terrifyingly wonderful to be singing in front of people who have captured my imagination over and over again.
'It's something I've never experienced and probably only ever will once!'
Meanwhile, Craig Zadan and Neil Meron, producers of this year's Academy Awards, hailed Adele's 'unique artistry'.
In a statement, they said: 'She is currently one of the most successful recording artists in the world, and we believe her performance of Skyfall will be an exciting Oscar moment.'
Adele's performance will be part of a section of the show honouring the James Bond series' 50th anniversary, making it the longest-running movie franchise of all time.
She's back! The 24-year-old singer is also nominated in the Original Song Oscars category for her self-penned track, Skyfall
If Connery agrees, it would complete the set, which includes current Bond actor Daniel Craig, Sir Roger Moore, George Lazenby, Timothy Dalton and Pierce Brosnan.
The Skyfall theme is the first Bond track to receive an Oscar nod since For Your Eyes Only in 1981.
And the song has already enjoyed success this awards season, winning the Golden Globe for Best Original Song earlier this month.
If the track is successful in its category, it will become the first Bond song in the 85-year history of the Academy Awards to scoop a gong at the Oscars.
In her acceptance speech at the Golden Globe Awards, Adele admitted that it was her husband, Simon Konecki, who had convinced her to write the song for the latest 007 movie.
'I had my child about two weeks before the Skyfall film came out. So it was bad timing,' she said.
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