F1 set to go 'Gangnam Style' at Korean Grand Prix October 10, 2012 -- Updated 1117 GMT (1917 HKT) The video for Psy's "Gangnam Style" has racked up over 400 million hits on YouTube. Psy set to perform global smash hit "Gangnam Style" at Korean GP The video for the song has racked up over 400 million views on YouTube The 34-year-old K-pop star will also wave the checkered flag at this weekend's race Psy's record reached No. 2 in the U.S. Billboard Hot 100 chart (CNN) -- Tennis star Novak Djokovic is doing it, Chris Gayle couldn't stop doing it at the T20 World Cup and millions around the world are bouncing up and down to the Korean dance craze. Now it is Formula One's turn to go "Gangnam Style." The hit song by South Korean rapper Psy has become a global sensation, racking up over 400 million views on YouTube and introducing a set of dance moves which have transfixed the planet. And now the 34-year-old K-pop star will have the honor of waving the checkered flag at this weekend's Korean Grand Prix. Psy, named an ambassador for the race in Yeongam, will also perform the smash hit which has topped the UK charts and reached No. 2 in the Billboard Hot 100 in the United States. I look forward to bringing Gangnam Style to the glamorous world of F1, and welcome everyone to Korea for this great race! Psy told Formula One's official website. The worldwide success of "Gangnam Style" has given Psy unprecedented exposure. He has featured on a host of U.S. chat shows including The Today Show, Saturday Night Live and The Ellen DeGeneres Show. Sunday's grand prix will not be Psy's first appearance at a sporting event. He was in the crowd for August's baseball game between Los Angeles Dodgers and San Francisco Giants at Dodger Stadium. Psy was spotted in the stands and his hit song was pumped out over the loudspeakers.