The acting icon and former governor was named as the host in a statement from NBC.
"Arnold Schwarzenegger is the epitome of a global brand in entertainment and business, and his accomplishments in the political arena speak for themselves," Paul Telegdy, President, Alternative and Late Night Programming, NBC Entertainment told ABC News in a press release.
The actor also tweeted, "Wow. I'm blown away and honored by all your tweets. I can't wait to bring my experience to the board room & raise millions for charity."
Schwarzenegger will replace Donald Trump as host. NBC ended their relationship with the presidential candidate in June.
Trump tweeted his congratulations for Schwarzenegger.
"Congrats to my friend @Schwarzenegger who is doing next season’s Celebrity Apprentice. He'll be great & will raise lots of $ for charity," he wrote.