The song was recorded for iHeart Radio's Living Room Sessions during May this year.
Former President Barack Obama and former First Lady Michelle Obama will greet the graduates with a special message during the ceremony's first hour.
Paying tribute, host Maya Rudolph said, "To love Prince is to love music."
Late night hosts Jimmy Fallon, Jimmy Kimmel and Stephen Colbert, alongside the cast of Sesame Street, will host the special.
TIM, the third and posthumous album from superstar DJ Aviici is out today, which was a collaborative effort between his friends and peers.
Featuring 12 tracks, the much-anticipated 'Tim' is due for release on 6 June.
The ceremony which aired on Fox was hosted by rapper T-Pain and featured performances by Halsey, Garth Brooks and Kacey Musgraves, among others.
Coldplay's Chris Martin, Natasha Bedingfield and Brandi Carlile are also set to appear at the event.
Ed Sheeran, Coldplay’s Chris Martin and more also slated for Johannesburg, South Africa concert celebrating centennial of Nelson Mandela’s birth.
US television's CBS network are presenting a special, two-hour Grammy Salute special to Elton John featuring Lady Gaga, Sam Smith and more
Sting, Elvis Costello and k.d lang were among the stars contributing to a major tribute to late Canadian singer-songwriter Leonard Cohen in Montreal
Stevie Wonder, The Killers and Green Day are among the big names announced for the 2017 Global Citizen Festival in NYC's Central Park