The 27-year-old Jacobs (27-1, 24 knockouts) is stepping in for two-division titlewinner Paulie Malignaggi (33-5, 7 KOs), who will be fighting IBF welterweight beltholder Shawn Porter (23-0-1, 14 KOs) in Saturday's co-main event.
Malignaggi, also a Showtime ringside boxing analyst, has been named the winner of the Boxing Writer's Association of America's "Sam Taub Award for Excellence in Broadcast Journalism" at its annual dinner on May 1 at the MGM Grand in Las Vegas.
"It's an honor to have this opportunity on such a historic boxing event. I'm excited to be the guy on the outside that will provide the viewers with the type of insight only a fighter can provide," said Jacobs.
"I also look forward to the opportunity to see the sport in a different perspective and gain more of an appreciation for the craft. I know I'll be in good hands alongside Al Bernstein, Mauro Ranallo and the rest of the Showtime crew giving the viewers and fans a great night of boxing."
In the main event, IBF light heavyweight titleholder Bernard Hopkins (54-6-2, 32 KOs) meets WBA counterpart Beibut Shumenov (14-1, 9 KOs). At the age of 49, Hopkins is the oldest man to win a major belt.
The opening bout of the tripleheader features WBO 160-pound titleholder Peter Quillin (30-0, 22 KOs) opposite Lukas Konecny (50-4, 23 KOs).
Last month, Jacobs scored his seventh straight stoppage victory, totaling three knockdowns during a first-round knockout of Milton Nunez. After the fight, Jacobs called Quillin out.
"I'm rooting for him to win," said Jacobs, who, like Quillin, is promoted by Golden Boy Promotions and advised by Al Haymon. "Obviously, that's a match that the fans want. I believe that Brooklyn fans deserve it and we need to make it happen. We have the same promoter and the same mangers, so it needs to happen."
Quillin's response during an interview with RingTV.com? "Who the f–k is Milton Nunez?" said Quillin. "That's my point — and you can use that quote."
Saturday’s telecast will air live immediately following the premier of All Access: Mayweather vs. Maidana in advance of Floyd Mayweather Jr.'s defense of his RING and WBC welterweight championships against WBA counterpart Marcos Maidana at the MGM Grand on Showtime Pay-Per-View.