The model-actress will replace Lisa Snowdon, who has fronted the series since 2006.
Macpherson said of her new role: "I am really enthusiastic and motivated to work with the team of Britain’s Next Top Model to create an authentic and exciting programme, both for the contestants and the viewers at home.
"We are looking forward to finding the face that can represent the next generation."
Director of television at Virgin Media TV Claudia Rosencrantz added: "Wow! The instant you meet Elle, you understand what puts her in the superleague of supermodels.
"She has a unique combination of stunning beauty, compelling screen presence and razor-sharp business instincts, which will make her an inspiration for Britain’s aspiring Next Top Models. I’m thrilled to have her on Living."
Cycle 6 of Top Model begins this Spring on Living.