Pete Davidson is making a highly anticipated return to "Saturday Night Live," as he is set to host the show for the first time on May 6, Page Six exclusively reports. This comes nearly a year after Davidson left the long-running sketch comedy series.

A source close to Davidson said, "He's very excited to go back. [Leaving the show] has been a change of pace for him, but in a good way." In addition to his "SNL" hosting debut, Davidson is expected to attend the Met Gala just days prior.

Davidson's appearance on "SNL" will serve to promote his upcoming Peacock comedy series "Bupkis," which is executive produced by Lorne Michaels, his former "SNL" boss. "Lorne has always been a huge supporter of Pete and his creative vision, and Pete thinks the world of Lorne," said the source.

 
 
 
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The comedian wrote, produced, and stars in "Bupkis," a fictionalized version of his life growing up on Staten Island. The series features Joe Pesci, who came out of retirement to play Davidson's grandfather, and Edie Falco as his mother. A slew of guest stars are set to appear on the show, including Charlie Day, Al Gore, Bobby Cannavale, John Mulaney, La La Anthony, and Davidson's close friend Machine Gun Kelly.

The source commented on Davidson's current state, saying, "Pete's so happy. He's taken time away from the spotlight to focus on himself and on his show. He's really good."

Davidson has also been dedicating time to his romantic life. He was recently seen spending time with Martha Stewart alongside his girlfriend Chase Sui Wonders in Stewart's Bedford, NY, town. The source revealed that Davidson was "visiting a friend and looking at houses" in the area.

Before departing, Stewart offered Davidson a unique good luck token. "She gave him fresh eggs!" the source exclaimed.

Davidson first joined the cast of the iconic NBC late-night comedy show in 2014. Representatives for both Davidson and "SNL" did not provide any comments.