Take Me Out host McGuinness and cricketer Flintoff, who is a regular on A League of Their Own, have signed on the dotted line to host Top Gear from 2019. They will present the show with motoring journalist Chris Harris.
McGuinness said the Top Gear role is a "real honour and I'm thrilled the BBC have given me this opportunity".
He added: "To be hosting a show I've watched and loved from being a small boy is beyond exciting. Top Gear fans worldwide are a passionate bunch and I consider myself one of them.
"Now let's start up this Great British machine and see what it can do!"
Flintoff said: "It's not often you have the chance to do both of your dream jobs, but I'm now lucky enough to say I will have.
"I've always been passionate about cars and I'm so excited to be joining the Top Gear team."
Rory Reid, the BBC Two show's previous co-presenter, will now host Top Gear's companion show, Extra Gear, along with Sabine Schmitz.
LeBlanc, who joined the show in 2016, quit the show earlier this year admitting that while it had been “great fun” it was taking him away from family .
The actor, who assumed solo hosting duties with Chris Evans walked away, said: “Time commitment and extensive travel... takes me away from my family and friends more than I'm comfortable with.
"It's unfortunate, but for these reasons I will not be continuing my involvement with the show. I will forever be a Top Gear fan and I wish the team continued success. Thanks for a great drive.”
Top Gear will return to screens in early 2019 for LeBlanc's last series.