McDonald will front the awards show and former "Hamilton" star Odom will oversee the two-hour live TV special, which will immediately follow the ceremony, at Broadway's Winter Garden Theater in New York.
During the concert event, the casts from Tony-nominated Best Musical contenders "Jagged Little Pill", "Moulin Rouge! The Musical" and "Tina: The Tina Turner Musical" will perform, ahead of the live presentation of three Tony Awards, including Best Play, Best Revival of a Play and Best Musical.
The Tonys will be streamed exclusively on Paramount+.
"Broadway is a part of my DNA and I'm so thrilled to see it open back up again," Odom says in a statement about the industry revival after COVID-related shutdown. "There are so many talented artists going back to work and doing what they love for audiences who have missed these tremendous performances. I'm very happy to host The Tony Awards Present: Broadway's Back!"
Audra adds, "I am so glad that we've found a way to gather safely to honor and recognize all the incredible work that was done in the 2019-20 season."
She goes on sharing her hope, "While we look back, my greatest hope is that this event marks the beginning of a new era for Broadway - one with renewed commitment to inclusivity and belonging as well as appreciation for the sacred experience of live theater."