Ripa confirmed long-running rumours of Strahan's hiring on today's (September 4) Live! with Kelly episode, when she teased that viewers were in for "an exciting morning".
Former New York Giants star Strahan was then formally announced as Ripa's new co-host as he walked onto the show's set to rapturous applause.
"I'm speechless," Strahan declared, adding: "I adore you [Kelly]. I am so happy to be here and be a part of this."
He went on to say: "You know how they say it's a dream come true? I truly can't say I even dreamed this!"
Live! with Kelly's producer Michael Gelman also suggested that Strahan was the perfect choice because his and Ripa's chemistry is "off the charts".
"The interaction between the co-hosts always has been what makes this show different from any other on television," Gelman explained. "Kelly and Michael's ability to play off of one another and just plain have a good time together creates great TV for the audience."
"It's going to be interesting. I think it's going to work out. It's going to be fine," he said.
Philbin exited Live! in a star-studded tribute on November 18, 2011.
Donald Trump, Anderson Cooper, Dana Carvey, Nick Lachey and Kim Kardashian are just some of the stars who have guest hosted Live! with Kelly since last year.