Clarkson replaces former host Chris Tarrant for the seven-episode series in which members of the public will once again have the chance to win a life-changing prize of £1,000,000.
ITV says familiar aspects of the show, including the classic lifelines of asking the audience, asking a friend and taking the 50:50 option, will be joined by “a number of new twists and turns for audiences to look forward to.”
The series will be produced by Stellify Media with filming taking place in Manchester for transmission in the spring.
Clarkson said: “I have always loved the show and am thrilled to be involved with its re- birth.
“I’m a big fan of quiz shows and I’m looking forward to hosting this iconic TV show and hopefully making a few millionaires!”
Siobhan Greene, ITVs Head of Entertainment, said: “It felt like a no brainer to celebrate a show that was a trail blazer of its time and broke the mould.
“In doing this one off special week, I hope Millionaire will be introduced to a whole new generation.
“And with TV legend Jeremy Clarkson asking the questions, frankly anything could happen.
“I can’t wait.”
Kieran Doherty, joint Managing Director of Stellify Media said: “Who Wants To Be A Millionaire is one of the greatest game shows ever made.
“We are absolute super fans of the format and it’s an honour to be bringing it back on its 20th anniversary.”