Hollywood will be joined by Marcela Valladolid - host of the Food Network's Mexican Made Easy - as a judge when the show debuts in the US this summer, CBS has confirmed.
Hollywood has confirmed on Twitter that he will not be leaving The Great British Bake Off, adding: "The American version will be fascinating for me, don't know how they'll cope with me, mind!"
Comedian and TV presenter Jeff Foxworthy will host The Great American Baking Competition. The show is produced by Richard McKerrow for Love Productions - the company behind The Great British Bake Off - and Emmy Award-winning producer Jay Bienstock (Survivor, The Apprentice).
It was reported last autumn that CBS had approached both Hollywood and Mary Berry in the hope of securing their services for The Great American Baking Competition.
However, Berry was later quoted as saying that taking part in the show would mean she might have to "be away [from home] a lot".
The Great American Baking Competition will premiere on May 29 at 8/7c on CBS, while Hollywood's new show Bread will debut on the BBC next Wednesday (March 13).