Greeted by cheering crowds, the duo were all smiles as they posed for pictures at Trafford Park, where the judges will soon be appearing.
The good pals even coordinated their outfits, with Caroline unveiling her wild side in a leopard print top, which she teamed with black leggings and tan slingback clogs.
Meanwhile, 'Troublemaker' singer Olly looked smart in beige trousers, a black top and bomber jacket.
We're not sure if it was nervous excitement, but Olly and Caroline looked pleased as punch to be back presenting the show together again - and now they're doing it on a much bigger scale!
Olly and Caroline were hosts of X Factor's spin-off show, The Xtra Factor, for two years from 2011. Olly left to focus on his ever-successful music career, and Caroline continued presenting the show until last year.
Olly and Caroline's appointment as new co-hosts came after Dermot O'Leary stepped down as presenter after eight years.
Their new stint on X Factor's main stage makes them the first ever duo to host the show.
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