Drew Carey will appear on "Late Show with David Letterman" tonight (July 23) to announce that he will be replacing Bob Barker as host of "The Price Is Right."

Monday's announcement caps months of rumors in which at least a dozen actors and television personalities were linked to the high profile position.

Barker ended his 35-year run on "The Price Is Right" with an episode that aired in both daytime and primetime on Friday, June 15. The episode was his 6,586th as "Price Is Right" host, giving Carey some pretty big shoes to fill.

Carey became a late dark horse in a race that included Todd Newton, Mark Steines, John O'Hurley, George Hamilton and even Mario Lopez. Ian Ziering apparently had an audition and Rosie O'Donnell went through a long flirtation that may or may not have been self-generated.

Speaking to TV critics last week about his new CBS game show "The Power of 10," Carey still discussed "Price Is Right" as a hypothetical.

"They're in talks right now to do it," he said. "So you know, I have to see how it goes, but it would be -- they actually approached me about it. I didn't really lobby for it. They approached me about it after they saw the 'Power of 10' pilot. So then we started talking after that. So nothing has been decided yet. I know there's a lot of rumors going around. I wish I -- believe me, I wish there was something I could tell you, but I can't."

At the time, Carey joked about one sticking point in the negotiations.

"[O]ne of the things we're having trouble with is I want to change the name of the show to 'The Magic Golden Wheel' and ... " here he was interrupted by laughter . "You know, 'Price Is Right,' 35 years, enough. You know, been played. So 'Magic Golden Wheel.' And when they decide to change the name of the show to 'Magic Golden Wheel,' then, yes, I will be glad to be the host."

In making his grand announcement to Letterman, Carey failed to mention if his demands had been met, so as of now, we're going with the assumption that "The Price Is Right" remains "The Price Is Right." Carey, in fact, tells Letterman that the deal only closed in the opening minutes of the host's monologue.

As of now, CBS has yet to set a timetable for the beginning of Carey's "The Price Is Right" run, as old Barker episodes continue to run.

"Power of 10" premieres in primetime on Tuesday, Aug. 7.