She will host the special Indian Premiere League (IPL) edition of the show on the Colors channel. The glamorous actress, who has replaced action star Akshay Kumar as the host, will be taking 13 cricketers to task.
"It feels fantastic to be associated with one of the biggest shows on Indian television today. It fits perfectly with my personality. I have been a huge fan of the show and thoroughly enjoy watching it.
"I am looking forward to begin an all new innings in TV with this show which pumps up the adrenaline levels. It's exciting to be a part of the concept which is unique and is associated with some of the biggest names in cricket, " Priyanka said in a press release.
The special edition of the show will feature Indian as well as international cricketers competing with each other to vie for the "Fear Factor - Khaton Ka Khiladi" title for 2010.
Colors' programming head Ashvini Yardi says Priyanka has replaced Akshay due to a change in format.
"Akshay took this show to great heights with his inimitable style. However, this year we're changing the format. So far you had seen 13 beauties with one khiladi. This season get ready to witness 13 cricketing khiladis (macho men) and ek haseena (one beauty)," said Yardi.
"We're delighted to have Priyanka on board. When you combine her glamour, mass appeal and athleticism with cricketers' energy and adrenalin, what you get is the best possible combination for a show like 'Fear Factor - Khatron Ke Khiladi'," she added.