Goldberg jogged down the aisle of the New York studio, slapping hands with the audience, when the announcement was made live on the air by show creator Barbara Walters.
"I love this show," said Goldberg, one of a select few performers to win an Oscar, Emmy, Tony and Grammy award. "I love coming on it. I love hanging out with you guys."
O'Donnell announced this spring she was leaving ABC's daytime talk show after less than a year filled with controversy and feuds with Donald Trump and co-star Elisabeth Hasselbeck.
Despite O'Donnell's polarizing presence -- or maybe because of it -- ratings went up last year.
Goldberg, 51, gives "The View" a big name to fill the slot of moderator, who generally steers the discussion.
She may not reach O'Donnell's level, but Goldberg is no stranger to political controversy. She was dumped from a Slim-Fast advertising campaign in 2004 after making a speech mocking the Bush administration at a political rally, at one point using the president's surname as a sexual reference.
"The View" is in "ongoing discussions" with several people for another cast slot, a spokesman said. That would fill the chair left unoccupied since the stormy departure of Star Jones Reynolds last year.
Among the candidates for that role is actress Sherri Shepherd, who has appeared on "The View" as a sub several times over the past month.