Walters has been recovering from heart surgery since May.
Letterman's Sept. 7 appearance will be his first on the daytime chat series, as well as the show's 14th season premiere.
"Welcome Back Barbara" week will include a "surprise" musical number, personalized video messages from a variety of top entertainers/celebrities, and medical segments, one featuring cardiothoracic surgeon Dr. Mehmet Oz, who'll dissect the details of Walters' heart surgery and recovery, ABC said.
"Fourteen seasons is quite an accomplishment, considering I wasn't sure at the beginning if we'd last 14 weeks," Bill Geddie, executive producer, said in a statement Wednesday. "This is shaping up to be another exciting year for 'The View.' Right out of the gate we've planned a spectacular homecoming of sorts for Barbara's much-anticipated return, followed by our 3,000th show. As fall approaches we set our sights towards another political season with an emphasis on women in politics."
Walters serves as co-host of the show with Whoopi Goldberg, Elisabeth Hasselbeck, Joy Behar and Sherri Shepherd.