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The pair will take the reins of the classic ITV gameshow, which was presented by Derek Batey in the 1970s.
The programme sees couples being split up and questioned about their lives, before being asked to guess their partner’s answers.
However, the new version will feature celebrities rather than members of the public.
Famous faces already lined up to appear include Coronation Street's Vicky Entwistle and her husband, as well as Little Britain star Anthony Head and partner Sarah Fisher.
I'm A Celebrity... contestants Vic Reeves and Nancy Sorrell will also try their luck at walking away with a prize.
The Sun reports that ITV has been keen to rework the format for a number of years, despite the failure of a series fronted by Julian Clary in 1999.
An ITV source said: “We think Phil and Fern have great chemistry together. We’ve ordered a whole series and we’re really excited.”
The new show will start filming in March.
