They will perform twice in the capital of Pyongyang in early April ahead of an inter-Korean summit scheduled for the end of the month.
South and North Korea held face-to-face talks Tuesday in the border village of Panmunjom in the Demilitarized Zone to discuss the upcoming trip.
Officials in Seoul said North Korea also proposed talks between its leader Kim Jong-un and US President Donald Trump.
The South Korean ensemble will put on two shows, one in the East Pyongyang Grand Theater, and one in the Ryukyung Chung Ju-yung Gymnasium, a facility built by both North and South Korea and named after Hyundai founder Chung Ju-yung.
South Korea played host to a number of North Korean acts during the 2018 Winter Olympics, and it looks as though the North is willing to return the favour by inviting not one, not two but 160 South Korean artists across the border. The decision was reached when senior Seoul officials visited Pyongyang.
According to Yun Sang, although North Korea offered the option of using its iconic Koryo Hotel for accommodations, the proposal needs to be further considered.
Tuesday's talks lasted almost four hours after beginning at around 10 a.m.
It said that in selecting the head of the art troupe, the government highly valued a person who is well-versed in the musical tastes of different generations.
The South will send an advance team to check venues from Thursday to Saturday, according to the ministry.
Lee's agency confirmed her participation in the performance in Pyongayng.
Cho was the last South Korean singer to perform in the North, at a concert in Pyongyang in 2005.
K-pop is one of the most notable exports to come out of South Korea in the past decade.
Yun Sang, a 50-year-old Berklee College of Music-educated singer, was tapped for the position given his expertise in diverse musical genres and his ability to produce the performances in a short amount of time, Seoul said.
"Our foremost task is to deliver the same emotions and natural mood as we show here to North Korea and fellow Koreans in the North".