The 'Stronger' rapper is due to appear at the ceremony on Sunday (28.08.16) and show producers, who are expecting "something big", have reportedly allocated him a four-minute performance slot.
However, sources told TMZ he has been told he can do what he wants, whether that is rap, sing, dance or even just stay silent - and he has so far not revealed what he has in store for the audience at New York's Madison Square Garden.
It had been speculated he will perform with Taylor Swift, ending their feud which was reignited earlier this year when he referenced her as "that b***h" in his song 'Famous', but sources close to the 'Shake It Off' singer - who has slammed claims from Kanye's wife Kim Kardashian West that she approved the song - insisted she has no plans to attend.
At last year's ceremony, Kanye picked up the Michael Jackson Video Vanguard Award and gave an 11-minute long speech.
He had been introduced by Taylor, who alluded to the infamous moment in 2009 when the rapper interrupted her acceptance speech at the VMAs.
She said: "Kanye defines what it is to be a creative force in music, fashion and life, so to all the other winners tonight, I'm really happy for you, but I'm gonna let you finish..."
Accepting his prize, Kanye said: "First of all, thank you, Taylor, for being so gracious. I often think back to the first day I met you also... If I had a daughter at that time, would I have grabbed that mic from someone else?"
The 'All Day' rapper ended his speech with a shock announcement that he has decided to run for president in 2020.