The rover mission is scheduled for July 2020.
The Mars 2020 rover mission will be looking signs of past microbial life and collect samples of rocks that will be retrieved by future explorers.
"Getting samples from this unique area will revolutionise how we think about Mars and its ability to harbor life", said Thomas Zurbuchen, associate administrator for NASA's Science Mission Directorate.
Jezero Crater is located on the western edge of Isidis Planitia, which is a very big basin north of the Martian equator that was formed by an asteroid impact some 3.9 billion years ago.
Known as Isidis Planitia, the impact basin presents some of the oldest and most scientifically interesting landscapes Mars has to offer, according to NASA.
Scientists suspect the Mars 2020 rover may be able to detect signs of microbial life, as the landforms within the crater are estimated to be around 3.6 billion years old and were likely once part of a lake-delta system.
Along with the ancient river delta, the site is also surrounded with small impact craters, boulders and rocks, cliffs, and depressions filled with aeolian bedforms that can trap a rover. "But what was once out of reach is now conceivable, thanks to the 2020 engineering team and advances in Mars entry, descent and landing technologies".
NASA revealed that there has always been an interest to explore Jezero Crater.
There are a number of factors that NASA had to consider while choosing a landing site.
"Mars is one of four terrestrial planets in the solar system and it actually has the best record of what was going on in the first billion years of planetary formation", said Michael Meyer, lead scientist for NASA's Mars Exploration Program.
Choosing a landing site this early permits the rover drivers and science tasks group to upgrade their plans for investigating Jezero Crater once the rover is securely on the ground.
The latest human-made visitor to Mars should arrive at its destination on Monday when NASA's InSight lander is set to touch down.
Spain demands Gibraltar veto in Brexit deal
Madrid has a long-standing claim on Gibraltar, which was ceded to the British crown in the 1713 Treaty of Utrecht. Ministers from the EU27 formally approved the draft deal during a meeting with Barnier in Brussels on Monday.