Olly Murs and Caroline Flack are to host 'The Xtra Factor'.
The 'I'm A Celebrity ... Get Me Out Of Here Now!' presenter and the singer - who shot to fame when he came second in 'The X Factor' in 2009 - will front the ITV2 spin-off of the talent show after Radio 1 DJ and 'F Factor' host Matt Edmondson was dropped at the last minute.
Olly said: "'The X Factor' is the show that put me where I am so I'm chuffed to be involved again, this time to work on it from the other side and see some new stars coming through."
However, Caroline admitted co-presenting the show means she will have to give up her existing role on 'I'm A Celebrity ... Get Me Out Of Here Now!'
Writing on her twitter page, she explained: "It does mean I'm sadly leaving the jungle. But had two fab years with the best team and only have incredible memories!! Xxxxx. (sic)"
This comes after the 31-year-old star previously ruled herself out of taking over from former host Konnie Huq - who was axed from the show earlier this year - saying she would be "silly" to give up the jungle-based reality series.
Caroline said: "I host the jungle and it runs at the same time, so I wouldn't be able to do it. There's not many jobs that come up, especially for girls, where you are live and you get to go to Australia and sit on the beach all day!
"No, no, I love the jungle and we've made the spinoff show our own, so it would be silly if I gave it up really."
Meanwhile, Matt Edmondson - who is said to be devastated at losing out on the gig at the last minute - joked that he had packed his bags and was ready to head to the first round of auditions in Birmingham when he heard the news.
He tweeted: "Got my bag packed, train tickets booked to Birmingham, copy of Simon's autobiography! Can't wait!... What's that you say? OLLY MURS?!??!?!(sic)"
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