The competition - formerly known as Celebrity Diving - focuses on ten famous faces as they are trained in diving by the sport's legend Greg Louganis.
Former The Girls Next Door star Wilkinson will join comedians Louie Anderson and Chuy Bravo, who is best known for his role as Chelsea Handler's sidekick on Chelsea Lately.
Baywatch actress Nicole Eggert, Nickelodeon star Drake Bell and The Cosby Show's Keshia Knight Pulliam are also among the cast, which is rounded out by NFL star Ndamukong Suh and Miss Alabama USA Katherine Webb.
The stars - who will be joined by two more celebrities, to be named at a later date - will be asked to perform synchronised dives in pairs as well as perform flips and spins from the 10m high dive.
They will be judged by gold medallist David Boudia and the USA Dive Team's director Steve Foley when Splash premieres on March 19 on ABC.