Carey confirmed the deal during a taping of the "Late Show" with David Letterman.
The selection attracted more attention than usual for a daytime show because of the prospect of replacing Barker, 83. Barker retired after 35 years in the job last month following taping of his 6,586th episode.
The opening attracted widespread interest, including from comic Rosie O'Donnell after she left "The View."
Carey, 49, spent a decade on his own ABC sitcom and also was host of the game show "Whose Line is It Anyway?," a comic improvisational show.
He will also be host of a new CBS prime-time game show, "The Power of 10," that will air first next month. He told The Associated Press that CBS officials first contacted him about "The Price is Right" immediately after he completed a pilot of the other game show this spring.