CBS will fill the void left by the departure of "Guiding Life" with an updated version of the venerable game show "Let's Make a Deal."

Wayne Brady will step into Monty Hall's shoes hosting the new "Let's Make a Deal," which will premiere on Monday, Oct. 5 in whatever time slot "Guiding Light" has been occupying in your particular area.

CBS announced the new "Let's Make a Deal" on Monday (Aug. 3) in a press release that contains quotes from nearly everybody involved.

"Wayne Brady is a unique talent whose extraordinary skills in both hosting and improvisation make him the perfect choice to host this legendary and engaging show. We are thrilled to be adding him and 'Let's Make a Deal' to the number one Daytime lineup," says Barbara Bloom Senior Vice President, Daytime Programs, CBS. "We're also very lucky to have Monty Hall as our creative consultant, bringing with him a knowledge of game shows that will prove invaluable as we present this classic game show to a whole new audience."

The new "Let's Make a Deal" comes from the reliable folks at FremantleMedia North America, whose credits include "American Idol" and CBS' "The Price Is Right."

"We’re very pleased to bring this franchise back to American audiences," says Cecile Frot-Coutaz, CEO of FremantleMedia North America. "A global brand with a proven track record, 'Let's Make a Deal' is a game show that delivers the kind of upbeat, unpredictable and aspirational fun viewers are looking for.  With the multi-talented Wayne Brady as our host, the one and only Monty Hall at our side and a great network timeslot, we’re confident this new version will provide the entertainment value that has made this brand resonate around the world for decades."

Monty Hall hosted "Let's Make a Deal" from 1963-1977 and will stick around as a consultant on the new version. Hall, who famously offered ridiculously dressed contestants the choices between various cash and prizes, is even nice enough to endorse his hosting replacement.

"We are delighted to have 'Let's Make a Deal' back on the air with CBS," Hall says. "I know the audience is going to welcome the charming and engaging Wayne Brady as the new host."

Brady, a prolific and predictable hosting choice, has most recently been seen MCing "Don't Forget the Lyrics," "Celebrity Duets" and "That's What I'm Talking About."

"I am honored and ready to go; it is not every day that you get to be a part of a franchise like 'Let's Make a Deal,'" said Wayne Brady. "I think it is a perfect fit."

Mike Richards ("The Price Is Right" will serve as executive producer on the hour-long "Let's Make a Deal."