Arts Matters will be a six-part series, which will feature the British model meeting renowned artists such as Tacita Dean and Christo, and watching them in action.
Other artists confirmed to appear in the series include South American Gabriel Orozco and Dame Paula Rego.
Lily Cole graduated from Cambridge University in 2011 with a 2:1 in art history. She has also famously starred in movies and TV shows such as The Imaginarium of Doctor Parnassus and Doctor Who.
Sky Arts director James Hunt said: "We are delighted to welcome Lily Cole to Sky Arts with this new and innovative programme.
"We are confident that this series will offer our customers what we believe is a very different and unique opportunity to get up close and personal to some of the most intriguing, controversial and ground-breaking contemporary artists."
Producers back2back added: "It's a unique opportunity to be directing an arts series with a presenter from outside the exclusive 'arts world' circle.
"Lily Cole is bright and curious and with our unparalleled access to some of today's most interesting and important contemporary artists this series is sure to be unique and fun."
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