O'Grady and Black were famously close, and he delivered an emotional eulogy at her funeral.
Blind Date ran for 18 years, airing its final 373rd episode in 2003 following the news that Cilla was stepping down as host.
Excitedly speaking about his new project, Paul said in a statement: "Blind Date is an incredibly special family show which brought laughter, tears and joy to TV viewers throughout out the land". "I am honoured to present the brand new series".
"I can't wait to see if we find love", added the 61-year-old.
It has been reported that Paul O'Grady will be assisted by Vicky Pattison on the "Blind Date" reboot.
Singer and TV host Cilla Black fronted the ITV dating show for almost two decades, from 1985 until 2004. "To be considered to work alongside such a legend is a dream come true for her".
Expected to return this summer on Channel 5, the new series will be produced by Graham Norton's production company and will be filmed in the same London South Bank studio as the original.
The classic game show was fronted by Cilla for nearly two decades from 1985 until 2003 and, although a reboot has been in the pipeline for some time, she tragically passed away in 2015 following a fatal fall at her Spanish home.
Others who were reportedly in the frame to present included Georgia May Foote, Helen Flanagan, Olly Murs and even Kylie Minogue.
Formerly an ITV programme, the new Blind Date will now be broadcast on Channel 5 in the United Kingdom on Friday nights and will feature LGBT contestants for the first time.
"Blind Date is the original dating show and it's huge news to bring it back", a source told The Sun previously.
We think it's time for viewers to forgive and forget, perhaps with a revamped version of spin-off show "The Bachelorette" to kickstart things for a British audience - and we can think of a few famous single ladies who'd be keen to take centre stage.