The show is to feature a "wide array of celebrity guests, musical acts, comedy skits and a giant primetime giveaway for both the in-studio and home audiences," the network said in a release.
The special is to be broadcast live Nov. 26.
The announcement was made Thursday by Craig Plestis, executive vice president of alternative programming, development and specials for NBC Entertainment.
"We are excited to have Rosie back on TV at NBC," Plestis said. "Together with Rosie, we are reinventing the variety show. This special will be first and best since it will be live and the audience will never know what will happen next."
"This is a dream come true for any performer. Old-time variety, live from New York with a nod to Ed Sullivan, Carol Burnett and memories of Sonny and Cher," O'Donnell added.
Celebrity Breakups and divorces of 2014 [PHOTOS]