The series that originally ran from 2003-07 with a single host, Ashton Kutcher, will return in March in a new incarnation with a different celebrity host for each episode, The Hollywood Reporter said.
Justin Bieber, Miley Cyrus, Kellan Lutz, Bam Margera and Dax Shepard, who appeared in the original series, will each appear to guest host an episode, MTV said in announcing the series' return on its New Year's Eve telecast.
"What better way to ring in the New Year than to let our audience know that Ashton and MTV are bringing back 'Punk'd' in a big way," said Van Toffler, president of MTVN Music Group, LOGO and Film.
Kutcher, currently starring in CBS' "Two and a Half Men," will serve as executive producer, MTV said Saturday.
Celebrity Families of 2014 [PHOTOS]