Everybody's favourite Xtra Factor presenters are graduating from the spinoff show to main stage and have been confirmed as the first-ever duo to host the ITV talent competition.
Great news, right?!
They are the replacements for long-time host Dermot O'Leary, who chose to leave the show at the end of last year's 11th series.
Caroline said: "I'm beyond excited about presenting The X Factor with Olly. To have the privilege of doing this with someone who makes me laugh out loud is a massive bonus!
"I'm also incredibly lucky to have the best tips and support from my showbiz big brother Dermot. I'm not sure how I can live up to his long term residency but I know I can't let him down!"
Olly's equally happy about the new job, gushing: "I'm incredibly excited and proud to be returning to The X Factor alongside Caroline. I love the show and it kick-started my career in music which has given me the opportunity to do what I love. I already have the best job in the world and it's about to get better - I can't wait to get started and be part of finding some amazing new talent!"
Ah! We can't wait either!!!!!
Simon Cowell added: ""I am absolutely delighted Caroline and Olly are both returning to The X Factor. When they were on Xtra together, they were a brilliant double act. Since then, Caroline's gone from strength to strength – and Olly has become one of Britain's biggest stars. So now I'm looking forward to them fronting the main show."
We all loved Caroline and Olly during the two years they co-hosted The Xtra Factor together on ITV2 although we're guessing they may have to tone down some of their fun for the main stage!
Olly shot to fame on the sixth series of The X Factor in 2009, finishing runner-up to Joe McElderry. He's since had three number one albums and eight top ten singles.
Caroline, meanwhile, hosted three series of Xtra Factor and two series of I'm A Celebrity… Get Me Out Of Here NOW!. She's also worked on live events including The Brit and The BAFTAS. She'll next be seen hosting ITV2's revamped Love Island this summer.
X Factor returns for a 12th series later this year.
X Factor's most shocking moments: