Hall was host of the hit chat programme The Arsenio Hall Show from 1989 until its cancellation in 1994.
It was earlier announced that the comedian was in talks with several networks for his return to television, and he has now decided to team up with CBS.
"It's an amazing feeling to be going home to my old friends and colleagues and firing up our 'Night Thing'," Hall said of the deal. "Let's get busy... again!"
CBS Television Distribution president John Nogawski made the announcement today (June 18), saying: "Arsenio had a substantial following with his previous late-night show, and that same 18-34 audience is now right in the middle of the late-night core audience of 35-54.
"Years ago, he transcended time periods and attracted a crossover audience while bringing a fresh perspective to late night. That same need in the market exists today as when we originally launched.
"We are looking forward to the same success with Arsenio's seasoned expertise and appeal in this genre."
The Apprentice winner's new nightly talk show will air in the fall of next year.