Alison Hammond and Dermot O’Leary filled in as interim hosts in the wake of their departures and congratulated Shephard and Deeley on joining the team.
Shephard is a familiar face to ITV viewers. He currently presents Good Morning Britain and the quiz show Tipping Point.
The 49-year-old said: “This really feels like a very special moment for Cat and I to be part of the next chapter of This Morning.
“It’s an honour to be trusted with the reins, join Alison and Dermot and all the team that work on and off screen and do such a great job.”
He added: “For the last 10 years, I’ve been waking up with our ITV daytime audience on GMB and I now look forward to spending time with Cat, welcoming the viewers home after the school run or from their early morning routines, with a cup of tea and a mix of everything that makes This Morning so loved.”
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Deeley, 47, rose to fame as a presenter of ITV’s Saturday morning children’s programme SM:TV Live, alongside Ant and Dec, and its spin-off music programme CD:UK with Willoughby
She called This Morning a “national institution” – adding: “Whenever it’s on, it’s like having your friends over – funny, smart, silly, heartfelt, informative and joyful – like all the greatest friendships.
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“This Morning is and always will be the viewers’ show. Ben and I both know how much people love it, and with the help of an amazing team of people, we’re going to do our best to take care of it.”
Shephard and Deeley, who have both previously presented the show on separate occasions, will begin hosting This Morning next month from Monday to Thursdays.
Hammond and O’Leary will present the show on Fridays.
This Morning is known for its celebrity interviews, entertainment and current affairs discussions, and health and cooking tips.