Grossman will be joined by food writer Tom Parker Bowles on Food Glorious Food, The Sun reports.
His previous TV roles include hosting MasterChef for ten years and serving as Through the Keyhole's location presenter between 1987 and 2003.
"It is a great coup signing up Loyd to the show, as he was always a favourite on the original version of MasterChef," a production insider told the paper, adding: "Tom is also one to watch - and will bring a touch of class to proceedings."
Food Glorious Food, which is jointly produced by Syco and Optomen Television, will enter production in Devon next month and is a competition to find the UK's best home-cooked meal.
The winner will receive £20,000, and their dish will be sold in Marks & Spencer stores across the country.