The 47-year-old talk show host announced the news Tuesday on The View. Shepherd will make her Broadway debut opposite Keke Palmer, the first African-American actress to portray Cinderella on Broadway.
"I am so excited," Shepherd said next to a pair of glass slippers.
Rodgers & Hammerstein's Cinderella opened on Broadway in March 2013, and previously starred Carly Rae Jepsen in the title role. Shepherd will take over for Nancy Opel as stepmother Madame beginning September 9, while Palmer will replace Paige Faure as Cinderella.
Shepherd's final episode on The View is scheduled to air August 8 on ABC. She has co-hosted the series since 2007, and announced her departure June 26. Fellow co-host Jenny McCarthy announced her departure the same day, leaving Whoopi Goldberg and returning co-host Rosie O'Donnell as the sole moderators.