"In a year in which we are unfortunately unable to convene the TIME100 community together in person, we are excited to celebrate the extraordinary achievements of the members of this year's list with a brand-new experience on ABC that will allow more people to participate than ever before," Ian told the American publication.
According to a promotions for the event, which was shared on social media on Thursday, the Sussexes will join a cohort of other big name celebrities.
Among the stars who will join the couple in announcing this year's honourees are Trevor Noah, Sandra Oh, Kumail Nanjiani and John Legend.
Viewers who tune in will also witness performances by Halsey, Jennifer Hudson and The Weeknd.
While Meghan, 39, and Prince Harry, 36, retained their titles after stepping down, they have since opted to be referred to as “Meghan and Harry," as the event material shows.
Earlier this month, it was confirmed Harry and Meghan had signed a deal with Netflix to produce documentaries, docu-series, feature films, scripted shows and children's programming.
During an appearance on CNBC, Netflix co-founder Reed Hastings admitted he's "so excited" about the royal deal.
“They’re smart. They were shopping around across all the major companies and I think we really put together the best complete package," Reed revealed.
“We are going to do a wide range of entertainment with them.
“I can’t tell you any more than that about it as this point but I think it will be some of the most exciting, the most viewed content next year.”