Cohen is host of Bravo's "Watch What Happens: Live" and Rancic is co-anchor of "E! News."
The 2011 Miss USA Pageant is to air live from Planet Hollywood Resort & Casino June 19. Joining Cohen and Rancic will be E! "Fashion Police" co-host Kelly Osbourne, who will provide color commentary throughout the telecast.
"It's our 60th anniversary, and what better way to add excitement to our show than with two of the most glamorous hosts on TV -- Andy and Giuliana," Shugart said in a statement. "Kelly's backstage commentary will surely take the energy of the show to another level."