Collingwood president and former Footy Show Eddie McGuire will return to his role as host of program in just two weeks time.

The show will go off air for two weeks, before returning with McGuire as host.

McGuire confirmed the news in a press conference at the MCG on Friday afternoon after reports of the revamp emerged earlier in the day.

He will replace Craig Hutchinson and will host the show alongside Rebecca Maddern and veteran Sam Newman, who will keep his spot on the desk, despite recent conjecture surrounding his future on the program.

McGuire hosted the program from its conception in 1994 until he departed the show in 2006, when he become chief executive of Channel Nine.

The 52-year-old joined Fox Footy in 2012 for its Olympics coverage and as the face of its AFL match day coverage.

McGuire said he cannot wait to return to the show he helped build.

“For me, the Footy Show changed my life, it’s been my passion always," McGuire said.

“My old mate Sam Newman, as long as he’s behaving! We’ll have a chat to him in the next couple of days.

"We're going to give it back to the people again. We're going to bring fun back to football."

McGuire admitted the decision to change host was a hasty one following last night's show, which received widespread criticism, and had not been in the works for some time.

"This came about in the last couple of hours," he said.

“We’re going to give it back to the people, bring fun back to the footy. We’re going to let Sam off the leash. Football has become too serious, we’re going to go back to having fun again.”

However, McGuire will continue in his role at Fox Footy.

“I want to just make sure that I’m still remaining with Fox Footy,” he added.

“This is about coming together with my greatest passions, live football and the greatest footy show. I can’t wait to walk out with Bec onto the big stage

“Craig Hutchison has done a wonderful job and will continue to do a wonderful job for the Nine Network on Footy Classified. I can’t believe I’m back on it, I’ve missed being on it.”