The Masterchef pair will present the Friday, May 13 edition of the BBC's political panel show.
"It's brilliant being on Have I Got News For You," Wallace said. "I've watched it for years
and never dreamed I'd ever be on it. Mum's going to be so proud!"
Torode added: "Have I Got News For You is a fantastic show and I'm really excited to be
asked to be part of the first ever double act to host it. Quizzes don't get tougher than this!"
Meanwhile Richard Wilson, executive producer for Hat Trick Productions, quipped: "Have we booked two of them? There must be some mistake."
Other hosts confirmed for the current series include Rhod Gilbert and Alexander Armstrong.
The satirical comedy show, which stars Ian Hislop and Paul Merton, recently returned to its original Friday night slot having moved to Thursday nights last year.
> Gregg & John confirm 'Strictly' interest
Watch Gregg and John discuss Strictly Come Dancing below: