The Hellblazer writer - best known for his offbeat storytelling - will write the new title focusing on the new corps and their leader Atrocitus introduced by Geoff Johns in the run-up to 'Blackest Night'.
"Everybody who has read Green Lantern and its associated books for any time probably knows why Atrocitus is angry. His entire race was almost wiped out by marauding Manhunters," Milligan told The Source.
"But after Geoff Johns asked if I was interested in writing The Red Lantern Corps I started thinking about Atrocitus and his anger. Because it's not just anger. It is RAGE. A crimson red rage that still consumes him after all this time.
"And when you think about it, the Manhunter massacre happened an awful long time ago. Eons ago...but Atrocitus’ rage hasn't weakened. It is just as immense and awesome as it was all those centuries ago.
"In the first storyline of The Red Lantern Corps we look for an answer to these questions. And the answer lies in part on the far side of the prison planet Ysmault. It is here where we’ll see why and how the rage of Atrocitus is just as all-consuming as it ever was."
The new title will debut later in 2011. The artistic team is yet to be announced.