Mario Lopez
Robert Pitts/Landov
Current co-host Dayna Devon is due to remain as a special correspondent on the show, which has been renewed through the 2011-12 season.
Lopez, 34, who last month was named PEOPLE's hottest bachelor, joined Extra in January 2007 and co-hosted the weekend edition of the program.
"Mario ... has established himself as a highly engaging, likeable and sought-after host and personality," Hilary Estey McLoughlin, president of Telepictures Productions, said in a statement.
After three years on Extra, McGrath, 40, plans to focus on his musical career, said the producers' announcement. He is currently recording a new album with his band, Sugar Ray.
