Fashion publicist Cutrone, who previously fronted her own series Kell on Earth, will join the judging panel of Tyra Banks's modelling competition for its 18th cycle next year, says People.
Vogue's editor-at-large Talley told the magazine that he had a "great ride" on America's Next Top Model, describing his run on the competition as "one of the best moments" of his life.
Talley, who joined the show in 2010, went on to say: "Tyra is an incredible role model and I learned so much sitting next to her through four cycles."
He added to the New York Post that he and Banks "remain friends", saying: "I had a fabulous time. It was a mutual agreement. There is no unhappiness at all."
> Read Digital Spy's full America's Next Top Model headlines
America's Next Top Model is currently airing its 17th cycle, dubbed All Stars because it features former fan favourites returning to battle for prizes including a spread in Vogue Italia and a chance to serve as a guest correspondent on Extra.
Talley currently sits on the judging panel alongside creator Banks and fashion photographer Nigel Barker.
Cutrone confirmed her new job on Twitter today, writing: "It's True! I am joining America's Next Top Model! (sic)"
She added to People that she is a "huge fan" of the long-running series and "hopes to bring a different perspective to the show" when she joins because of her long and varied career in the fashion industry.
America's Next Top Model airs Wednesdays at 9/8c on The CW
Watch a promo for tonight's episode of America's Next Top Model below: