Palin has signed a multiyear deal with Fox, where she will offer political commentary and analysis on its cable news and business channels, Web site and its radio network. She also will host occasional episodes of Fox News' "Real American Stories."
This is Palin's first job after stepping down as Alaska governor in July, and publishing her memoir, "Going Rogue."
O'Reilly welcomed Palin onboard and said she was welcome to "set the record straight" anytime she so wished.
"We'll be doing a lot of that," she replied.