Vaughan is set to take over from Tarrant in spring 2004, Capital said in a statement today, and has signed a three-year deal to present the big-hitting weekday breakfast show.
Tarrant, who also presents 'Who Wants to Be a Millionaire?' has long been rumoured to be retiring, but every time his departure is mentioned, such is the popularity of his 17-year run, it knocks Capital's share price for six.
The success of the show is both a boon and a disadvantage for Capital because while the Capital FM breakfast show is the biggest in London, claiming 1.65m Londoners every morning according to Rajar figures, its fortunes are also too closely linked to the performance of one presenter.
David Mansfield, the Capital chief executive, said: "This has been an incredibly important decision for us. I believe that Johnny is simply the best presenter to take over the biggest show on London's leading radio station."
Vaughan was not the only name on the Capital radar. The group is believed to have been considering putting Neil "Dr" Fox, currently the drivetime host and a 'Pop Idol' judge, in to the breakfast slot after he proved to be a ratings winner when covering for Tarrant, but Vaughan won out.
"To be asked to fill CT's big headphones, and trust me they are big headphones, is an honour and I am thrilled to take on this challenge," Vaughan said.
Vaughan made his name as the host of Channel 4's 'Big Breakfast', which, along with Denise Van Outen, he presented with great success until 2001. He was vastly popular with critics, although this never translated to the high ratings of his predecessor Chris Evans. His departure did, however, spell the end for the 'Big Breakfast', which Channel 4 has not recovered from.
After leaving the programme, he signed a £3m contract with the BBC, which produced a sitcom, ''Orrible', and a chat show, 'Johnny Vaughan Tonight'. Neither was a ratings nor critical success.
The signing of Vaughan has been warmly welcomed by the industry, with the move being seen as highly positive for Capital and the commercial radio sector.
Mike Buckley, head of radio at ZenithOptimedia, said: "This is a great signing for Capital Radio and commercial radio, as it shows that they can attract some of the top talent in the country."
He added: "More importantly, it is great news that they have sorted this situation out before all the speculation of last year started again and now our minds have been to rest and we can plan ahead in confidence."
Although Vaughan is not known for his radio work, the BBC said yesterday that it had signed him up to present a weekly drive-time programme on Radio Five Live. His run will last 22 weeks, ending in April 2004 -- to coincide with his taking up the reins at Capital FM.
"To me, London is the greatest city in the world and Capital the only radio station. I'm used to early mornings so getting up won't be a problem, my only hope is that I look as good as Chris does in 15 years' time," Vaughan said.
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