Caroline will join her former Xtra Factor co-host, comedian Matt Richardson, on the ITV2 show, and he will star as a regular panellist along with comedienne Carly Smallman.
There will be a third seat on the panel, which will be taken up by a different comedy or online star every week.
The programme has been described as "cheeky" and each week the panel will search through viewers' own home videos. They'll be looking for the most outrageous, most awe-inspiring and funniest before awarding one as 'most popular'.
Members of the public are being asked by ITV2 to submit their clips and they can earn up to £1,000 if theirs is shown!
Speaking about her new job, Caroline said: "I'm very excited and proud to be presenting Viral Tap. It's going to fun working with my panel; my old pal Matt and the lovely Carly who is equally hilarious.
"We're looking forward to sharing some mind-boggling clips with you all and pretty much spending the whole show laughing."
Last night, Caroline hinted on Twitter that she had an exciting announcement to make: "Fun news tomorrow," she said.
Really excited .... And It's nice to be hosting a panel show even though I have boobies ;)— caroline flack (@carolineflack1) March 5, 2014
Caroline has since tweeted: "Mega pleased to announce I'm hosting a new panel show in ITV2. It's called @ViralTap and will be joined every week by new funny lady @carlysmallman and my buddy for life @MattRichardson3."
She added: "Really excited .... And It's nice to be hosting a panel show even though I have boobies ;)"
To submit a video, visit www.itv.com/viraltap.
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