The Russian has agreed to join the US television channel as a correspondent for the forthcoming Games, which take place in February.
The former world No. 1's second job will involve a homecoming, too—Sharapova grew up in Sochi, after her family moved there when she was two.
Sharapova has an Olympic pedigree herself, having won a silver medal in the women's singles at the 2012 Summer Games in London.
She was also Russia's flag bearer at the opening ceremony of the 2012 Games, a prestigious honour.
Sharapova told E! News:
I'm thrilled to be joining the NBC family for this year's Olympic Games in my hometown of Sochi.
The Olympic experience is unlike anything else, and as a past Olympian it means even more to me for the Games to be hosted in such a remarkable place.
Sochi has such a rich history and culture, and I'm excited that it will now hold a place in so many athletes' hearts from all over the world.
Jim Bell, executive producer of NBC Olympics, added: "Maria transcends sports as one of the world's most recognizable stars.
"Growing up in Sochi until she was six years old and with family and friends still living in the area, Maria will offer a unique and personal perspective on a place she knows so well."
The Sochi Olympics is expected to be the most expensive in history—with CNBC recently estimating that it will cost more than $50 billion.
Presumably Sharapova's fee is not quite in that region...