According to a press release, the fans' passionate desire to see Banks on TV again that led to her big return.
"Tyra has always been the heart and soul of the franchise and her absence was deeply felt by our fiercely loyal fans who missed their Queen of the Smize," said executive producer Ken Mok. "We'd like to thank Rita Ora for being a great partner and total pro. She infused this new iteration of ANTM with passion and creativity and we wish her nothing but the best in her future endeavors."
"I’m overwhelmed and humbled by the intensity of the ANTM fan base whose deep affection for the show led me to have a change of heart," shared Banks. "After giving it a lot of thought, I realized that remaining behind the camera wasn't enough because ANTM is woven into my DNA."
Banks will also continue as executive producer of cycle 24, which is set to begin production this summer. Additional panelists will be announced at a later date.
Of course, the 43-year-old model's new role means she'll be pulling double duty as host, also stepping in for Nick Cannon on America's Got Talent-- though it seems all is well between Banks and those she's replacing.
Cannon recently sent Banks a huge congratulatory bouquet of flowers, while the model took to Twitter on Thursday to thank Ora for her "amazingness."
"Mizz @ritaora, you exemplify Business Boss Brand to the fullest! Thank you for all the amazingness you brought to ANTM ?," she wrote.
ET caught up with Ora last month, who stayed tight-lipped about her future (and the future of panelists Ashley Graham, Paper magazine chief creative officer Drew Elliott and celebrity stylist Law Roach) on ANTM, but did reveal that the upcoming cycle would be shot in Los Angeles.
"I can't tell you that much," she said. "The team is the team."