The chatshow host revealed that she will particularly enjoy challenging Arquette on the dance floor because they have been good friends for many years.
"There's no question, I'm going to bust my ass, David, to take you on. Maybe we'll see each other at the finals," she joked to Access Hollywood Live.
Lake explained: "I have it in my head that I can do this. I love David, and I think he's really going to be a challenge and I'm just going to hopefully get inspired by him. And maybe trip him. No, I'm just kidding."
Lake will be paired with Derek Hough for the 13th season of Dancing with the Stars, while Arquette will team with professional Kym Johnson.
Dancing with the Stars premieres on Monday, September 19 at 8/7c on ABC.
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Watch Ricki Lake challenge David Arquette below: