07/23/2007 at 05:00 PM EDT
Drew Carey, come on down! The comedian will replace Bob Barker as the new host of The Price Is Right.
The Cleveland native confirmed his new gig as the host of the CBS game show during a taping of the The Late Show with David Letterman, which is set to air Monday.
Barker retired last month after 35 years of hosting the daytime sensation, drawing a slew of replacement contenders including Rosie O'Donnell, Ian Ziering, George Hamilton and Mario Lopez.
Carey, who will also be host of a new CBS prime-time game show, The Power of 10, told Letterman that he only learned that the deal had been done a few minutes before appearing on stage.
"When do you begin?" asked Letterman, to which Carey, 49, replied: "You got me...All I know is that all the deal points we wanted got settled. And I just found out, honestly."
Last week, Carey told PEOPLE, 'I would really enjoy doing [the show], and I think I'd be good at it."
Carey had a ten-year run on ABC with his sitcom The Drew Carey Show and was host of the improv show Whose Line is It Anyway?