Korean sensation Psy, whose hit song "Gangnam Style" has taken the pop world by storm, will wave the chequered flag at his home Formula One Grand Prix on Sunday, where he will also be performing live.

The rapper has sprung to international fame and the video to "Gangnam Style", featuring Psy's much-imitated horse-riding dance, went viral after its July release on YouTube, where it has notched up nearly 420 million views.

"I look forward to bringing Gangnam Style to the glamorous world of F1, and welcome everyone to Korea for this great race," Psy, an ambassador for the race in Yeongam, told the official Formula One website.

His duties include waving the chequered flag at the end of the race, local media said on Wednesday.

Sports stars including Novak Djokovic and West Indies cricketer Chris Gayle have celebrated by copying Psy's dance moves, and his song shot to number one in the British music charts - despite being sung almost entirely in Korean.

Red Bull Formula One driver Sebastian Vettel (R) of Germany and Ferrari Formula One driver Fernando Alonso of Spain share a light moment during a news conference ahead of the South Korean F1 Grand Prix at the Korea International Circuit in Yeongam, Oct 11, 2012. [Photo/Agencies]

Policemen rehearse South Korean singer Psy's "Gangnam style" horse-riding dance moves at the grandstand ahead of the South Korean F1 Grand Prix at the Korea International Circuit in Yeongam, Oct 11, 2012. Psy's quirky dance track has became an Internet phenomenon, clocking up more than 300 million views on YouTube. [Photo/Agencies]

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Psy's Gangnam style dance