New Zealand-born Hunter, who was married to rock star Rod Stewart for nine years and more recently had a heavily publicised fling with singer Robbie Williams, will present the primetime show due to air this spring.
The series will whittle down thousands of model hopefuls to 12 finalists, who will have to live together under one roof, observed by fly-on-the-wall cameras.
The series will culminate in a live catwalk final between the final three contestants, with the overall winner receiving a modelling contract with UK agency Select.
The nationwide model search begins in the next couple of weeks with auditions taking place in key cities across the UK.
Ultimo bra model Hunter, 35, said: "This is an amazing opportunity for young women hoping to make their mark in the modeling industry."
The show is being made by Tiger Aspect, the production company behind Channel 4 hit 'Teachers'.
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