Regis Philbin

Regis Philbin is coming back to daytime: The former Live! co-host has signed on for a monthly guest spot on Rachael Ray.

"I can't tell you how excited I am that Regis will be a recurring special guest on our show this season," Ray said in a statement. "Regis has been a close friend of the show and a close friend of mine for years and it'll be a blast having him on the team."

Philbin, who left Live! in November after 28 seasons and has since been replaced by Michael Strahan, will make his Rachael Ray debut on Monday's episode. He clarifies to USA Today that he is not co-hosting the cooking show with Ray. "I'm not a co-host, I'm just a guy showing up on her show once a month," he says. "I love the idea. It's fun to be back on TV when you don't have to do it every day."

Michael Strahan talks about his new Live! gig

Philbin, 81, who insisted he wasn't retiring after leaving Live!, also tells the paper that he could not pass up the opportunity to join the show when it came up. "I'm not gonna say I don't want to do your show! I think it's fun. I spent my whole life doing this."

Are you excited for Regis and Rachael?