Just one week after Disney-ABC Domestic Television announced that the 42-year-old model's FABLife lifestyle talk show was canceled, NBC revealed on Thursday that Banks will be joining The Celebrity Apprentice.
Banks -- who is the CEO of Tyra Banks Company and TYRA Beauty -- will serve as advisor to already-announced host Arnold Schwarzenegger, who is replacing Donald Trump on the reality competition series.
She's not the only business-savvy one making her way into the boardroom to help mentor the 16 celebrity contestants, however. Joining Banks as advisors are actress Jessica Alba, founder of the Honest Company; Steve Ballmer, former Microsoft CEO and owner of the Los Angeles Clippers; Warren Buffet, an investment guru known as "one of the most successful businessmen in the world" and Schwarzenegger's son, Patrick Schwarzenegger, an entertainment attorney.
So who's set to battle it out for their favorite charities on season eight? Here's your celebrity lineup:
Laila Ali, retired four-time boxing champion; Brooke Burke-Charvet, fitness expert and CEO of ModernMom.com; NFL pro Eric Dickerson, former running back for the Los Angeles Rams, Indianapolis Colts, Los Angeles Raiders and Atlanta Falcons; Boy George, a GRAMMY-winning singer, DJ and coach on The Voice U.K.; Matt Iseman, host of American Ninja Warrior; Carrie Keagan, actress and former host of VH1's Big Morning Buzz Live with Carrie Keagan; Carson Kressley, Emmy-winning TV star, celebrity stylist and fashion designer; Lisa Leslie, WNBA pro and Olympic gold medalist; Jon Lovitz, former cast member of Saturday Night Live; Vince Neil, lead vocalist of Mötley Crüe; Nicole "Snooki" Polizzi, reality star from MTV's Jersey Shore; Kyle Richards, reality star from The Real Housewives of Beverly Hills; Chael Sonnen, former UFC standout; Porsha Williams, reality star from The Real Housewives of Atlanta; Ricky Williams, ESPN sports analyst and Heisman trophy winner; Carnie Wilson, member of pop group Wilson Phillips.
As ET previously reported, Banks quit FABLife in November, just two months after it premiered. She previously hosted The Tyra Banks Show on the CW for five seasons and America's Next Top Model on the same network, which ended last December after 22 cycles.
ET caught up with Banks in December, where she revealed she had other TV projects in the works. "I thought I could do my talk show and do my business. It is impossible," she explained, later adding, "Do you have any idea how many TV projects I've got in development, and we've sold already? We're not going to stop doing TV. It's just not me having to be there the whole time."
In addition to taking on her new role as a Celebrity Apprentice advisor, Banks will also be keeping herself busy with motherhood. She announced the exciting news that she and her boyfriend, Erik Asia, welcomed a son, York Banks Asia, via a surrogate in a sweet message posted to her Instagram on Wednesday.
To hear more on her little bundle of joy, watch the video below.