Lachey had previously served in the same capacity for NBC on another singing competition show, "Sing-Off" for three seasons from 2009 to 2011, The Hollywood Reporter said Friday.
John de Mol, of "The Voice," created the new show and will act as an executive producer alongside "The Voice's" Stijn Bakkers and "Deal of No Deal's" Craig Plestis.
"With Nick at the helm on air and an original format from Talpa [Media USA] that includes surprising and competitive twists, viewers are sure to be immersed and entertained," said Paul Telegdy, NBC alternative late-night programming president.
"The Winner Is" will feature a series of pairs of contestants who will perform before a panel of judges. After, the contestants can cut a deal with the judges and exit the show with a cash prize if they think their performance was sub-par. If they choose to remain in the game, the judge can either eliminate the contestant or move them to the next round and one step closer to the ultimate $1 million prize, The Hollywood Reporter said.