Spitzer's show debuted Friday night shortly after news of Olbermann's ousting was announced.
Current TV said Olbermann no longer reflected the values on which the network was founded, while Olbermann vowed to sue the network for wrongful dismissal, while acknowledging the failure of their partnership.
"Eliot Spitzer is a veteran public servant and an astute observer of the issues of the day," Current TV Chairman and former U.S. Vice President Al Gore said in a statement. "He has important opinions and insights. Eliot relishes the kind of constructive discourse that our viewers will appreciate this important election year."
"I am thrilled to have the opportunity to host a show on Current TV that will provide insight into and analysis of the critical issues on the minds of Americans today," Spitzer said.
Spitzer, who was New York's attorney general from 1998 to 2006, previously served as host of CNN's "In the Arena." He also has appeared as a guest on numerous national television shows and written a column for Slate.com. He served as governor from January 2007 until his resignation in March 2008 after admitting he had been a client of an upscale prostitution ring.