'Sherri' will premiere in September.
"In September, I am debuting my own talk show, Sherri!" Shepherd said. "... I am so excited because when I started in this business I have always wanted to do a talk show, even before I joined The View in 2007."
Shepherd noted that her show "is going to look different, it's going to feel different, but we are going to have a lot of fun, we're gonna have a lot of laughs, we're gonna have a lot of joy."
Shepherd also spoke about Williams, saying she is not replacing the 57-year-old TV personality "because no one can replace the queen," adding that she's "not trying to at all."
"This show was specifically crafted for her. No one can do this format but Wendy, nobody can sit in a purple chair and sip the tea like Wendy Williams," Shepherd said. "... Wendy Williams created a unique brand that folks are always gonna love and talk about."
A a source tells ET that Shepherd is "overwhelmed that this is all happening now."
"This has been her dream to have her own show," the source says. "It's a big day for her."
In a statement to Deadline, Mort Marcus and Ira Bernstein, co-presidents of The Wendy Williams Show's producer-distributor, Debmar-Mercury, praised Shepherd as "a natural who proved her hosting skills for many years as a panelist on The View, on Fox’s Dish Nation and again this season as a popular guest host of Wendy."
"Like our viewers, we have been impressed by the unique comedic twist Sherri puts on our daily live 'Hot Topics' segment, her creativity and interactions with our guests," the statement continued. "Her love for the content and daytime fans is obvious, and we are excited to partner with her to create another long-term talk franchise."
Per the outlet, The Wendy Williams Show will continue through the end of its season with rotating guest hosts, including Shepherd who will helm the series once a month. The series has been without Williams all season long amid her ongoing health struggles.
Marcus and Bernstein noted, however, that their production/distribution company is open to reviving Williams' show if she's interested following her recovery.
"This is also a bittersweet moment for us and our partners at Fox. We all have a great love and affinity for Wendy, who grew into a true icon during her 12 incredible seasons as the solo host of a live, daily talk show dishing on 'Hot Topics' and interviewing celebrities," Marcus and Bernstein told Deadline. "Since Wendy is still not available to host the show as she continues on her road to recovery, we believe it is best for our fans, stations and advertising partners to start making this transition now."
The statement concluded, "We hope to be able to work with Wendy again in the future, and continue to wish her a speedy and full recovery."
In a statement to ET, Williams' rep, Howard Bragman, said "it’s been a challenging time for Wendy as she deals with her health issues."
"She is incredibly grateful to Debmar-Mercury, to Sherri and everybody else who has supported the show through this time. She, more than anyone, understands the reality of syndicated television -- you can’t go to the marketplace and sell a show that’s the Maybe Wendy Show," Bragman said. "She understands why this decision was made from a business point of view, and she has been assured by Debmar-Mercury that should her health get to a point where she can host again and should her desire be that she hosts again that she would be back on TV at that time."
Earlier this month, Wendy filed for a temporary restraining order against Wells Fargo in the battle over access to her cash, after claiming that the bank was not allowing her to get "to her financial assets for weeks without providing her or her counsel with adequate explanation or evidence to support its decision."
Wendy's restraining order request came after Wells Fargo filed a letter in court, claiming it has strong reason to believe Williams "is the victim of undue influence and financial exploitation."
In a statement to ET, Wendy's lawyer, LaShawn Thomas, said, "Wendy wants the world to know that she strenuously denies all allegations about her mental health and well-being."
"During this hiatus from the show, Wendy has employed holistic health professionals to help her reach optimal health during her treatment of Graves’ disease and thyroid concerns," the statement read in part. "Wendy wants you to know she is fine; she is of sound mind."
In a statement to ET, a spokesperson for Wells Fargo said its "priority is the financial well-being of Ms. Williams and the preservation of her privacy."
"We deny any allegations of improper actions with respect to Ms. Williams’ accounts and are fully participating in a court process to reach a resolution that is in her best interest," the bank added. "The financial well-being of our clients is at the heart of everything we do."