"The View" executive producer Bill Wolff described Goldberg, O'Donnell, Perez and Wallace as "powerful and accomplished women from different walks of life who have had amazing personal and professional experiences. Each brings incredible perspective and information to the table."

"This mix of smart, vibrant and energetic women is unlike anything else on daytime television," Wolff added.

After Jenny McCarthy and Sherri Shepherd left "The View" in June, the hosts rumored to replace them were Wallace, who has appeared as guest co-host in the show, and NFL star Tony Gonzalez's wife October Gonzalez, according to Daily Mail.

Wallace is the author of the 2010 novel "Eighteen Acres" and its sequel "Eighteen Acres, It's Classified" about a fictional first female president in the United States.

In 2004, Wallace served as the former communications chief to George W. Bush, and in 2008, she was a senior advisor for the John McCain-Sarah Palin campaign.

On the other hand, Perez is an activist known for her campaigns for Puerto Rican rights.

In 2010, she was appointed by President Barack Obama to The Presidential Advisory Council on HIV/AIDS (PACHA).

Earlier this year, she wrote her autobiography titled "Handbook for an Unpredictable Life: How I Survived Sister Renata and My Crazy Mother, and Still Came Out Smiling."

Aside from co-hosting "The View," Perez will also co-star with Emmy winner Larry David, Tony nominee Jayne Houdyshell and Jonny Orsini in the new Broadway comedy "Fish in the Dark," according to Classicalite.

Perez's latest film was "The Counselor" with Michael Fassbender, Penelope Cruz, Cameron Diaz, Javier Bardem and Brad Pitt.