Comedian Drew Carey will replace retired veteran Bob Barker as host of the popular games show “The Price Is Right.”

The 49-year-old actor/comedian announced the big news live on David Letterman’s Late Night Show Monday night. Carey was promoting the new game show POWER OF 10 (premiere on CBS August 7) which he will also host, when he offered the news.

Variety reports that CBS execs were convinced of Carey’s appropriateness as host of “The Price Is Right” after seeing him host “Power of 10.” The two shows are taped on different coasts and Carey will have to joggle a bit, but CBS bosses are reportedly confident.

Variety also informs that sources close to Carey are quite certain the actor will sign a multiyear contract worth seven figures per year. Not a bad deal.

CBS president Nina Tassler told Daily Variety that it was indeed a “done deal,” as Carey informed David Letterman on his show Monday.

“Bob Barker had set the bar very high, but when we distilled it down to the essential elements, likeability was huge, as was finding someone who can relate to the contestants and someone who had fundamental respect for the game.”

Drew Carey is just the man, especially since he is “endearing and really great with improv,” Tassler said.

Carey himself was quite excited Monday night, as he told Letterman the deal had been finalized right before he came out on stage.

“Couldn't say anything, but during your 'Harry Potter' bit - honestly it was like 15 minutes ago - they called me,” Carey told Letterman. “It's a done deal. I'm the new host of 'The Price Is Right.'”

Carey is known for having hosted ABC's “Whose Line Is It Anyway?” between 1998 and 2006, as well as for starring in his own sitcom, “The Drew Carey Show,” also on ABC, between 1995 and 2004.

Bob Barker, now 83, hosted “The Price Is Right” for 35 years and left after his 6,586th episode.