"I have played very different roles on television, but 'Deal Ya No Deal' gives me an opportunity to do something extremely different, something that I never thought I would do. I am looking forward to it," said Rajeev.
In the latest instalment, the show will retain the original American format it is based on.
Rajeev's first guest is Garima Sonkhiya, a Marwari girl who plans to spend the prize money on a transport business.
Actors R. Madhavan and Mandira Bedi have earlier hosted the show.