The long-rumored collaboration between NBC and Rosie O'Donnell is about to become a reality.

The network has reached a deal with the former "View" host and multiple Daytime Emmy winner to host a live, one-hour special called "Rosie's Variety Show." It's scheduled to air Wednesday, Nov. 26 -- the night before Thanksgiving -- and if it does well, it could become a regular series.

"We are excited to have Rosie back on TV at NBC," says Craig Plestis, the network's head of alternative programming. "Together with Rosie, we are reinventing the variety show. This special will be first and best since it will be live and the audience will never know what will happen next."

David Friedman ("Last Call with Carson Daly") will executive produce the special with O'Donnell. They haven't worked out an exact format yet, but it will likely include a couple of comedy sketches, celebrity guests and musical performances. Viewers in the studio audience and at home will also have a chance to win prizes.

NBC is emphasizing the live aspect of the show in the hopes of getting viewers to tune in as the show unfolds rather than watching on a DVR, which would also presumably mean more eyeballs on sponsors' messages.

"Rosie's Variety Show" is one of two prime-time variety-show projects in development and will probably the first to make it on the air. FOX has ordered a half-hour variety show starring Sharon and Ozzy Osbourne; it's likely to premiere in early 2009.

O'Donnell won several Daytime Emmys for hosting her eponymous daytime talk show from 1996-2001 and did a year-long stint on "The View" in 2006-07. Her recent acting credits include guest spots on "Nip/Tuck" and "Queer As Folk."