Walters shared the news on the ABC talk show, noting how McCarthy is opinionated enough to begin the next chapter in The View history.
"We are delighted that Jenny will be joining us as a permanent cohost on The View starting in September," Walters said in a statement. "Jenny brings us intelligence as well as warmth and humor. She can be serious and outrageous. She has connected with our audience and offers a fresh point of view. Jenny will be a great addition to the show as we usher in an exciting new chapter for The View."
McCarthy has guest-hosted the show eight times and appeared on the program on 17 different occasions. She will be joining the show Sept. 9 at the start of the new season.
"I'm beyond thrilled to be joining Barbara and the other amazing women at the table," McCarthy said. "I look forward to helping make hot topics a little bit hotter, and showing my mom that my interrupting skills have finally paid off."
The news comes on the heels of Elisabeth Hasselbeck announcing her departure after 10 years on the hit daytime show. The outspoken TV vet will join Fox and Friends on the conservative-leaning cable network in the fall.
"I have a lot of affection for you," Walters told Elisabeth during her final appearance on the round table. "We feel that you always brought a fresh voice to the show. You stood by your opinions even when things were very heated, and that's not an easy thing to do. You're going to leave a big void at this table, and we're not going to fill this very soon."
But Hasselbeck's exit and McCarthy's new gig aren't the only big changes occurring on the daytime program.
Joy Behar recently announced her decision to leave the show after 16 years when her contract is up in August.
And Barbara Walters will also be retiring from network TV in 2014, although she will continue to coexecutive produce The View with Bill Geddie.
Are you excited to hear Jenny is joining The View? Tell us in the comments!