The former child star will replace Sharon Osbourne, who departed the show earlier this year (21) following an on-air race row with fellow regular Sheryl Underwood.
Jerry, who has been a regular co-host since Osbourne's exit, has now got the full-time gig and he could not be happier.
"It's fun, and it works, and we're going to have a lot of fun," he said on Wednesday's (14Jul21) episode after the announcement was made.
The announcement came on a big day for O'Connell, who was also celebrating his 14th wedding anniversary with wife Rebecca Romijn.
"Happy Anniversary Babe! I knew we'd make it!" the actor wrote on Instagram while his wife told him on her own page, "Let's keep going!"
Meanwhile, Sharon Osbourne planned to write a tell-all book about her experience on "The Talk" and turned to podcast after she quit the show. "They didn't gag me. I would never sign a gagging order, so I can do what I want," she said.
She has also reportedly mulled over the idea of reviving her family TV show "The Osbourne" although she previously said she might not be welcomed on U.S. TV again after a heated exchange on-air about race with co-host as she defended pal Piers Morgan over his comments about Meghan Markle's suicidal claims prompted accusations that she's racist.
"Oh no, they'll never let me. You must be joking. With these corporations that own all the networks, they'll never have me," she claimed.