The one-hour daytime series is to premiere Oct. 5, the network said Monday. It is described as "a new take on the classic game show where audience members dress in outlandish costumes to win cash and prizes by making deals with the host."
"I am honored and ready to go; it is not every day that you get to be a part of a franchise like 'Let's Make a Deal,'" Brady said in a statement. "I think it is a perfect fit."
"We are delighted to have 'Let's Make a Deal' back on the air with CBS," added Monty Hall, the show's original host. "I know the audience is going to welcome the charming and engaging Wayne Brady as the new host."
"Wayne Brady is a unique talent whose extraordinary skills in both hosting and improvisation make him the perfect choice to host this legendary and engaging show. We are thrilled to be adding him and 'Let's Make a Deal' to the No. 1 daytime lineup," said Barbara Bloom, senior vice president of daytime programs for CBS. "We're also very lucky to have Monty Hall as our creative consultant, bringing with him a knowledge of game shows that will prove invaluable as we present this classic game show to a whole new audience."