The comedian will revive the series with Fox Television Stations beginning in the fall of 2021.
The original quiz show ran on television from 1950-61 but got its start on radio in '47, and the reboot will preserve the interviews and banter with contestants that the original became so well known for.
Contestants will have a shot at winning prize money by answering a set of questions from pre-determined categories. Two pairs of contestants will be presented in each episode.
The first 180 episodes will be distributed by Fox First Run.
"I’m thrilled to be hosting the latest version of 'You Bet Your Life.' One of my favorite things to do is talk to regular people and draw humor out of them," said Leno, 70, in a statement obtained by Fox News. “This is a comedy show wrapped in a game show that allows me to do just that.”
“We need a familiar face to make us laugh and we are incredibly proud and excited to reinvent this renowned franchise with the enormously talented Jay,” station group CEO Jack Abernethy said.
Showrunner David Hurwitz will also serve as an executive producer, as will Tom Werner.
“Jay Leno’s sense of humor is perfect for this legacy brand and I couldn’t be more excited to be partnered with him and Tom Werner to bring this iconic game that is full of laughs, back to television,” Hurwitz said.