Music and TV mogul Dick Clark will eventually pass his "Rockin' Eve" mantle to Ryan Seacrest, but don't count out the legendary host just yet.

Seacrest -- best known as Fox TV's "American Idol" host -- will join Clark as executive producer and host of the 34th "Dick Clark's New Year's Rockin' Eve" on ABC, Clark announced in a news release Monday. Seacrest has signed a multiyear contract with ABC, which will make him sole host of the annual special from New York's Times Square when Clark retires.

Clark had a stroke and missed last year's festivities, but he said in the release he will be back to usher in 2006.

"It will be good to be back in New York again for New Year's and I'm elated that Ryan has agreed to join me in ushering in New Year's on America's favorite holiday special," Clark said in the release.

ABC President Steven McPherson welcomed Clark back as well, saying the network is "ecstatic" Clark "will be back where he belongs."