Ryan Seacrest will be new Wheel of Fortune host following Pat Sajak's retirement

Media personality Ryan Seacrest announced Tuesday he would be the next host of "Wheel of Fortune" after long-time host Pat Sajak announced his retirement. 

"I'm truly humbled to be stepping into the footsteps of the legendary Pat Sajak," Seacrest posted on Twitter. "I can say, along with the rest of America, that it's been a privilege and pure joy to watch Pat and Vanna on our television screens for an unprecedented 40 years, making us smile every night and feel right at home with them." 

Seacrest described the accomplishment as a "full circle moment" after one of his first jobs involved hosting a game show called "Click" for Merv Griffin 15 years ago. 

Before the 48-year-old media mogul became a household name, he found a mentor in broadcasting legend Dick Clark, who helped propel his career from standing on the sidelines to shining in the spotlight.

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Seacrest not only hosts multiple shows across a variety of platforms, but he also works behind the scenes as a producer on some of the biggest television shows including "Keeping Up with the Kardashians." He's estimated to be worth $450 million, according to Celebrity Net Worth.

Earlier this month, Sajak announced his retirement from the venerable game show in a tweet.

"Well, the time has come. I’ve decided that our 41st season, which begins in September, will be my last. It’s been a wonderful ride, and I’ll have more to say in the coming months. Many thanks to you all," the tweet said.

Sajak, 76, has presided over the game show, which features contestants guessing letters to try to fill out words and phrases to win money and prizes, since 1981. He took over duties from Chuck Woolery, who was the show’s first host when it debuted in 1975.

RELATED: Pat Sajak's 'Wheel of Fortune' replacement: Ryan Seacrest’s name reportedly being discussed

Along with Vanna White, who joined the show in 1982, Sajak has been a television mainstay. The show soon shifted to syndication and aired in the evening in many markets, becoming one of the most successful game shows in history. 

Sajak will continue to serve as a consultant on the show for three years following his retirement as host.

Earlier this year, Seacrest revealed he was leaving "Live with Kelly and Ryan," saying he never expected to stay so long and thanking his co-host Kelly Ripa, who he jokingly called his "work wife."

Seacrest said he’ll stay busy shooting the new season of "American Idol" and hosting his radio show on KIIS-FM and "Dick Clark’s New Year’s Rockin’ Eve."

FOX News and the Associated Press contributed to this report. This story was reported from Los Angeles.