Live At The Electric, similar to BBC One's Live At The Apollo, will feature young comedians performing stand-up routines.
Kane will introduce the acts and also entertain the audience with his own sets, The Sun reports.
BBC Three controller Zai Bennett explained that the show's aim is to "give emerging comedy talent a home where they can experiment", adding: "It'll be an incubator for stars of the future but also brilliantly funny in its own right."
A pilot for Live At The Electric has reportedly already been filmed, featuring Joe Wilkinson and Nick Helm.
Kane already hosts the spinoff programme I'm a Celebrity... Get Me Out of Here Now! and has previously appeared on Let's Dance for Comic Relief.
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