The Behind the Candelabra co-stars will be handing out trophies to the lucky winners, and have also been nominated for awards themselves.
Matt and Michael are both competing in the "Outstanding Lead Actor in a Miniseries of Movie" category, marking the fifth Emmy nomination for each star.
The highly successful HBO biopic, which tells the tale of pianist Liberace's affair with Scott Torson, is up for 15 nominations in total.
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Michael has just been presented with the "Legend Award" at the GQ Men of the Year Awards on Tuesday evening in London. The actor veteran, who is currently separated from his wife Catherine Zeta-Jones, looked calm and relaxed at last night's A-list affair.
"More recently life imitates art... you get a little cancer scare, you open your mouth... I shouldn't say that I'll get in trouble again," joked Michael on accepting the title.
"The legend part... it's a polite way of saying this is my third act," he added. "I'm looking forward to relishing it, especially with this year."
The Hollywood actor and his co-star Matt will be reunited for the 65th Primetime Emmy Awards that is scheduled to air on 22 September.
Michael was last nominated for "Outstanding Guest Star in a Comedy Series" in 2002, for his appearance in hit comedy series Will and Grace. Matt was also nominated in the same category in 2011 for his performance in 30 Rock.