Ruth and her TV presenter husband Eamon Holmes reguarly stand in on This Morning to cover Holly Willoughby and Philip Schofield's holidays, so she seems perfect for the job.
In fact, Ruth actually sat on the panel during the first ever series of the ITV1 lunchtime show, way back in 1999!
Speaking about her new job, Ruth said: "Loose Women has always been close to my heart.
"I have a long history with the show having done the very first series back in 1999. I am thrilled to be back with the girls on a more regular basis, here's to being Loose in 2014!"
Meanwhile, Myleene will also join Loose Women as a guest panelist on 9 January - and she can't wait either.
"I'm really excited to be part of a team of strong, feisty, fearless women," she gushed. "I look forward to joining a conversation that usually happens in my kitchen!"
Loose Women has undergone a massive shake up in recent months. In October, Nadia Sawalha and Jane Moore joined the panel, and they were closely followed by pop star Jamelia.
Do you prefer the new Loose Women panel? Tell us below, as the best comment from across the website each week wins £50.