The show is to begin production this fall.
"Nick is both aspirational and accessible -- key qualities of the Style brand. He is extremely talented with a grounded personality and style that a wide range of viewers have come to appreciate and respect. Nick's comedic and down-to-earth perspective on the opulence of the wealthy makes him the ideal host as we reinvent this pop culture classic," Salaam Coleman Smith, president of Style Media, said in a statement. "With Nick's humorous insight, Style will give viewers front-row access to how today's wealthy live, paying homage to the original 'Lifestyles' in a fresh, fun and irreverent way."
"To be a part of Style's re-imagination of this iconic show and follow in the footsteps of the legendary Robin Leach is a dream come true," said Cannon. "Even though I am fortunate to have certain luxuries, sometimes, I am even amazed by what people with money have and do. I want to remind people that just because you might be rich and famous, it doesn't mean you have to take yourself too seriously."
The original version of the show ran from 1984 to 1995.
Cannon is a singer, actor and host of TV's "America's Got Talent."