The legendary interviewer stepped down from his CNN tallshow after 25 years on the air in December 2010 and cut ties with the cable channel entirely in February.
King has now been hired by billionaire Carlos Slim Helu to return to the talkshow format for the new venture Ora.TV.
The new programme will be streamed to mobile devices and internet-connected televisions, reports The AP.
A start date for King's new progamme will be announced in the coming months.
King gained prominence first as the host of a nationally syndicated radio programme, which led him to join CNN in June 1985.
The presenter has interviewed prominent celebrities including Marlon Brando, Madonna and Paul McCartney as well as international politicians such as former US President Bill Clinton, Sinn Féin's Gerry Adams, Iranian President Mahmoud Ahmadinejad and ex-British Prime Minister Tony Blair.
> Larry King: 'I want to be frozen after I die'
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Watch a clip from Larry King's 1999 interview with Madonna below: