Paul Telegdy, president of NBC Entertainment's Alternative and Reality Group, announced the news on Sunday in a statement released to ET, sharing, "Tyra is the complete package: Out-of-this-world talented, funny, brilliant and all heart. In whatever she has done, she has always connected with audiences around the world."
Telegdy went on to say that Banks' "vivacious spirit will infuse AGT in a big way."
The show also shared the news on Instagram, posting a striking red carpet photo of the 43-year-old fashion icon, which they captioned, "America, strike a pose. #AGT has a brand-new host! Welcome to the fam, @tyrabanks!"
Canon announced in a February Instagram post that he was quitting the show after he was allegedly "threatened with termination" due to jokes he told in his Showtime stand-up special, Stand Up, Don't Shoot, that he says some members of NBC top brass supposedly thought "disparaged their brand."
Cannon recently sat down with ET's Kevin Frazier, where he opened up about his "calculated" decision to quit the show and excitement to move on to "bigger and better things." Check out the video below to hear more.