Both artists will be joining country acts for collaborations, show producers announced Tuesday.
Derulo will be teaming up with Luke Bryan and Florida Georgia Line, and Legend is set to take the stage with Jennifer Nettles and Hunter Hayes.
Additionally, Alan Jackson will be honored with a performance by Kacey Musgraves and Lee Ann Womack, and a lengthy list of presenters has also been confirmed.
Among the just-announced presenters are Blake Shelton, radio personality Bobby Bones, Carrie Underwood, the cast of Party Down South, CMT Radio's Cody Alan, the Eli Young Band, Jason Aldean, Justin Moore, Keith Urban, Kip Moore, Lionel Richie, Sara Evans and The Band Perry. Other new additions to the list of presenters include Motley Crue frontman Vince Neil, CMT's My Big Redneck Family host Tom Arnold, violinist Lindsey Stirling and New York Jets wide receiver Eric Decker and his wife, singer-songwriter Jessie James Decker.
Hosted by Kristen Bell and broadcast from Nashville's Bridgestone Arena, the 2014 CMT Music Awards will include performances by Shelton, Brantley Gilbert, Underwood, Dierks Bentley, Eric Church, Jake Owen and Lady Antebellum.
In addition, Brett Eldredge, Cole Swindell, Dan + Shay, Danielle Bradbery, David Nail, Thomas Rhett and Tyler Farr will be performing on the Nationwide Insurance Stage.
Other Presenters include Beth Behrs, Brooklyn Decker, Cassadee Pope, James Van Der Beek, Kate Walsh, LeAnn Rimes, Rascal Flatts and Steve Austin.