Spencer Matthews will lead the latest run of the reality dating series, after rugby star Gavin Henson filmed the channel's first series last year.
The Bachelor will run for ten 60-minute episodes, and will air later this year.
The Eton-educated Matthews began his career as a PR manager at various London clubs, before becoming a city broker.
The star of E4's Made in Chelsea also trained as an actor and attended film school in Los Angeles. His family owns the Eden Rock Hotel in St Barts.
The series will see Matthews picking from a group of attractive single women from the UK through a series of group dates and intimate one-on-ones. He will choose his preferred girl from a total of 24.
Matthews said: "I feel flattered to have been put forward to be this year's Bachelor. The concept surrounding the show is a great one and will certainly make for an interesting adventure at this point in my life.
"After much consideration, I truly believe that the time is right to look for, and hopefully find during the process of this series, someone with whom I can share a loving and meaningful relationship."
The 24 girls will share a villa in Southern Europe, while Matthews will live in his own luxurious property nearby.
Steve Gowans, Head of Factual Entertainment at Channel 5, said: "We are delighted that The Bachelor is returning to Channel 5 for a second series. Spencer Matthews is the perfect bachelor and we're hoping he finds his ideal partner on the show."
Gavin Henson split from last year's winner Carianne Barrow on Valentine's Day.
The UK edition of The Bachelor ran for three series on BBC Three from 2003-2005, before Channel 5 resurrected it last year.
The US version has run for 16 seasons since 2002 on ABC, while also creating spin-off shows The Bachelorette and Bachelor Pad.