Originally Published: 20 MAR 23 14:08 ET

By Lisa Respers France, CNN

(CNN) -- Julianne Hough is getting even deeper into the "Dancing With the Stars" family.

It was announced Monday that she will be replacing Tyra Banks as co-host for Season 32.

Hough will co-host alongside Alfonso Ribeiro

Carrie Ann Inaba, Bruno Tonioli and Derek Hough, a former professional dancer on the show and Julianne Hough's brother, will return as judges.

The news comes after Tyra Banks announced last week that she was ready to exit her gig as co-host of the reality dance competition.

The "America's Next Top Model" creator and host told TMZ she wanted to focus on her business ventures.

"I feel it's time for me to really focus on my business and my entrepreneurship and also producing more TV but behind the scenes," Banks said. "So, you know what? I think it's time to graduate from the dance floor to the stock market floor."

Like her brother, Hough was a former professional dancer on the show, having joined in 2007 and winning two seasons.

She left in 2009 to pursue other projects, but has appeared on "DWTS" over the years as a guest host.

Most recently, she made her Broadway debut playing Dusty in the Tony-nominated political farce, "POTUS: Or, Behind Every Great Dumba Are Seven Women Trying to Keep Him Alive."