ITV bosses are said to have loved the 66-year-old's appearance on the popular daytime telly show last year where he left Holly, 37, blushing.
An insider told the Mirror: "He is the perfect choice to cover our regular hosts – he is suave, dapper and a favourite of our viewers thanks to his previous, cheeky sofa appearances.
“It is going to be a blast.”
The actor, who also appeared in Downton Abbey and Benidorm, will co-host the show alongside Lisa Snowdon on Monday.
During his appearance in February 2017, the suave star – who plays Lewis Archer in the soap – made his moves and switched places with Holly to interview her.
He said: "I saw you last night being interviewed. Must be so different to be interviewed, why don't we swap for a minute."
Surprised, Holly said: "Are you going to interview me? Oh gosh, what are you going to ask me? This feels really weird."
As she sat where the guests normally sit on the sofa, Nigel placed himself next to co-host Phillip Schofield.
He turned to Phil and said: "I quite like sitting here I have to say, do you make a few bob?"
As they all laughed, Holly said: "You know what he's doing, you're turning into your characters, as you've played Lewis who was a bit of a conman [on Coronation Street] , and now you've got Stanley [his Benidorm character] because he is a conman too.
"Now you're trying to take my job.
With a smile on his face, Nigel draped his arm over the back of the sofa and said smoothly: "Hows it going? What are you doing for the rest of the day? "How about a spot of lunch?"
Taken aback, Phil asked incredulously: "Are you chatting her up? You can't chat up the guests!
"No! It's unacceptable. You smoothy."
As they laughed and Nigel returned to his original seat, a flushed Holly said: "That was very slick well done."
The new summer line-up for This Morning will also see sofa favourite Rylan Clarke-Neal front the programme on Tuesday.
Gok Wan will also host the ITV show on Wednesday and Thursday.
Eamonn Holmes and Ruth Langsford, who are covering Phil & Holly over the summer break, are away next week for a wedding.
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