News of the show's return to television emerged last month, shortly after the death of original host Bob Holness.
Mayo has now landed the job of host.
The Radio 2 presenter claimed that he only agreed to the role because the "spirit of the show will be exactly the same".
"No-one needs to worry," he said. "It will be exactly the same - same set, same board, the same theme tune, although slightly updated. The prizes will probably be the same too, although you don't win a dictionary, you win an e-reader."
Mayo also revealed that the game show will feature contestants of all ages rather than solely students and revealed that "there is a lot of talk about a celebrity edition".
"It is a feel-good programme," he said. "It would be nice to do Bob proud."
Blockbusters is expected to return to Challenge in the spring.