The former Daily Show star will poke fun at the world's top athletes at LA's Nokia Theatre on July 11.
ESPN's vice president of programming Norby Williamson suggested that Riggle is a perfect choice to host the ESPYs, especially since he is a reserve marine.
Williamson said in a statement: "The ESPYs are proud to support Disney's Heroes Work Here programme and we're honoured to have a Marine Corps officer serve as this year's host.
"Rob's diverse background and comic style will bring new elements to the show and we're looking forward to an entertaining show that will speak to the core sports fan."
The 21 Jump Street actor follows in the footsteps of previous ESPYs hosts Seth Meyers, Justin Timberlake, Jamie Foxx and Matthew Perry.
The 2012 ESPY Awards air live on Wednesday, July 11 at 9/8c on ESPN.
> Rob Riggle joins comedy show World Series Of Dating on BBC Three
Watch a clip of Rob Riggle on The Daily Show below:
|The Daily Show with Jon Stewart||Mon - Thurs 11p / 10c|
|Moment of Zen - Rob Riggle Promotion|