According to CNN, Piers will take over the prime-time hour with "a candid, in-depth newsmaker interview program" starting in January.
"Piers has made his name posing tough questions to public figures, holding them accountable for their words and deeds," said CNN-US President Jon Klein. "He is able to look at all aspects of the news with style and humor with an occasional good laugh in the process."
"I have watched 'Larry King Live' for much of the last 25 years, and dreamed of one day filling the legendary suspenders of the man I consider to be the greatest TV interviewer of them all," Piers said.
Piers spoke to Hollyscoop at the 2010 Emmys last month telling us that while the deal was close to being finalized, he felt he could never really replace Larry.
“No one can ever replace Larry King, he’s an absolute iconic figure," Piers told Hollyscoop EXCLUSIVELY. "He’s one the great interviewers in the world, has been for 25 years on TV, so no one's gonna replace him. It’s like Simon Cowell on Idol.”
Check out our exclusive interview with Piers below...