The contest will take place on Feb. 14 in New York. The NBA has yet to announce the event's particiapants.
Irving has shot well from behind the arc this season, making 97 threes for a 41 percent clip. He's averaging 21.7 points, 3.2 rebounds and 5.7 assists per game.
Irving will also participate in the 2015 NBA All-Star Game for the Eastern Conference on Feb. 15, marking his third time competing in the showcase. Other reported contestants for the Three-Point Contest include Warriors guard Stephen Curry, Warriors guard Klay Thompson, Hawks guard Kyle Korver, Clippers guard J.J. Redick and Trail Blazers guard Wesley Matthews.