The comedian will host the new programme - which has the working title The Joe Lycett Live Show - from Birmingham, where he is from.
Announcing it on Instagram, he said he hoped it would be "a very stupid, chaotic hour of television that makes Nadine Dorries absolutely s*** a brick".
The show comes after the success of Joe Lycett’s Big Pride Party, which aired on the channel last year.
It will feature a live audience and guests including local legends, LGBTQ+ heroes and big name stars from comedy, television, music and film.
Lycett said he had pitched it to Channel 4 two years ago but that he'd been thinking about it for even longer.
He told his fans: "I loved the chaotic live TV they made in the 90s/00s and always thought it would be fun to have a go at something similar. In my pitch doc I listed TFI Friday, The Big Breakfast, SO Graham Norton, Alan Carr Chatty Man, Ant and Dec’s Saturday Night Takeaway, early Big Brother, and Shooting Stars as some of my references.
"I wanted to do something that captured that free spirit, with a love of nonsense, but that was more anchored in my worlds of queer culture and Birmingham."
He went on: "We were lucky enough to make a sort of on-air pilot in the form of last year’s Pride Party.
"Beforehand I met with some icons of live TV to ask for their advice, but also to see if they felt it was even possible to launch a show like this in the modern world.
"They were so generous and helpful and encouraging."
The star said he was "VERY happy" that Channel 4 had given the series the green light.
"With my brilliant team we are going to do our damn well best at making a very stupid, chaotic hour of television that makes Nadine Dorries absolutely s*** a brick," he quipped.
Watch: David Beckham breaks silence on Joe Lycett's money-shredding stunt