06/13/2011 AT 04:45 PM EDT
is returning to reality TV – this time as a celebrity mentor on the new series Fashion Star
The singer and actress, who has her own successful clothing and accessories lines (not to mention turns on Newlyweds
and The Price of Beauty
), will mentor aspiring designers as they compete for the chance to win a multi-million dollar contract to launch their own brands.
NBC is "delighted" to work with Simpson, Paul Telegdy, NBC and Universal Media Studios executive vice president
, said: "With an almost billion-dollar lifestyle brand under her belt she is sure to be an excellent mentor to our up-and-coming designers."
Simpson, 30, will be in good company on the show, which will be hosted by model-turned-mogul Elle Macpherson, who also has her own brand of lingerie.