The six-part show will launch in October. It is being made by James Corden's production company Fulwell 73, and will be broadcast live from BBC Television Centre in White City.
Each week, a different music star will share presenting duties and will make “every episode a complete one-off”, the BBC said.
James said: “We have been missing a primetime music show from our TV screens for far too long, so it's fair to say being part of Sounds Like Friday Night is something I'm really, really excited about.
"One thing that's fantastic about the show is being able to provide new and emerging acts a home alongside the megastars, introducing them to a new audience.
"Also having the opportunity to interview and have a laugh with some of the biggest stars in the world, on the actual telly, is completely brilliant. I can't wait to get going!"