The former ‘X Factor’ contestant will front the latest run of the ITV2 spin-off show alongside Matt Edmondson, who announced he was taking over from previous hosts Rochelle Humes and Melvin Odoom last month.
Rylan revealed his big news on Friday's (1 July) edition of 'This Morning', excitedly telling hosts Ruth Langsford and Eamonn Holmes: "I'm very honoured and over moon that after four years, I'm going back to 'The X Factor'.
"This has been going on for years, but the last couple of months there have been talks and chats."
Confirming his commitment to 'Big Brother's Bit On The Side', he continued: "I just want to reassure people that I'm not leaving 'Big Brother' - I love it with all my heart.
"I can't believe this is happening. This is very surreal and amazing," he added.
In the lead up to the announcement, Rylan's involvement in the new series was teased on the show's official Twitter account.
He also posted a special video message to 'X Factor' fans after the announcement, on the social media site:
Rylan landed the coveted job after appearing as a contestant on 'The X Factor' in 2012, before going on to win 'Celebrity Big Brother' in the months that followed.
He then landed the job of hosting 'Big Brother' companion series 'Bit On The Side', which he's been presenting for the last three years.
It's been a big year for the star, who fronted his own Channel 5 chat show in May, and also filmed a cameo role in the new 'Absolutely Fabulous' film.
He's also gearing up for the release of his first autobiography 'The Life Of Rylan'.
Big changes are being made to 'The Xtra Factor' this year, with the show being live from the start of the series for the first time, which will bring viewers instant access to auditionees and the reaction to their performances, as well as the usual mix of exclusive unseen auditions and backstage gossip.
'The X Factor' and 'The Xtra Factor' return to ITV and ITV2 this autumn.
Tap the image below to launch the slideshow...