The Hollywood Reporter said Flay, 45, will also serve as an investor and a mentor on the new NBC TV series, which was previously titled "United Plates of America."
The reality competition is expected to premiere next season with Flay representing one of the five restaurant leaders being cast by the show's producers.
The Reporter said contestants in the show will attempt to earn the chance to open a restaurant chain by offering judges their restaurant concepts.
In addition to owning several restaurants, Flay has earned a reputation in the culinary industry by hosting Food Network shows such as "Throwdown! With Bobby Flay" and "Boy Meets Grill."