The show will focus on three established acts - sleight of hand artist Chris Korn, illusionist Luis de Matos and double act Barry and Stuart - as they battle it out over five weeks.
Each episode will see the acts team up with a celebrity partner to perform various tricks.
The stars taking part in the series include Rolf Harris, N-Dubz, Chris Tarrant and Diversity member Ashley Banjo.
"I've always been a fan of magic on the TV, from David Nixon to David Blaine, Penn and Teller to Paul Daniels, and the far too glamorous Debbie McGee," Henry said. "I love magic and the thing about me is that I don't want to know how it's done - I can't wait to host this show! You know the bloke with his jaw on the floor throughout most of the show? That will be me!"
The BBC's controller of entertainment commissioning Mark Linsey added: "I'm delighted to be bringing something astonishing and different to BBC One audiences on Saturday nights through winter. Everyone needs a bit of magic in January."
The Magicians is expected to begin early next year.