CBS has confirmed Drew Carey as the new host of The Price Is Right, America's longest-running gameshow.

The comedian will replace long-running host Bob Barker when the show returns for its 37th season this Fall.

"I couldn't be more excited," said Carey, who broke the news on the Late Show with David Letterman. "I realise what a big responsibility this is. It's the longest-running game show in American television and I plan to keep it that way."

CBS Entertainment president Nina Tassler told Variety that "likability" was a key factor in picking a replacement for Barker. "[We needed] to find someone who can relate to the contestants and someone who has fundamental respect for the game," she said, adding that Carey had all those elements and was "endearing and really great with improv.".