NBC says her half-hour program will include in-studio interviews and pre-taped comedy sketches.
Singh's new show is titled A Little Late With Lilly Singh and the hire will make Singh the only woman to now host a late-night talk show on a Big 4 broadcast network.
Daly, who has hosted "Last Call With Carson Daly" for nearly two decades, announced in February that he was stepping down to spend more time with his family and focus on his other NBC shows, hosting "The Voice" and co-hosting "Today".
Singh was set to appear on Thursday night's "The Tonight Show Starring Jimmy Fallon" in order to make the announcement.
Singh, who is Canadian-Indian, first came to prominence online as a satirical comedian and commentator.
Lilly Singh's show follows Seth Meyers' show in the broadcast. "I'm thrilled to bring it to life on NBC, and I hope m parents consider this to be as exciting as a grandchild".
The network has selected Canadian actress and YouTube sensation Lilly Singh to take over its 1:35 a.m. talk show slot. She's collaborated with makeup giant Smashbox on a red lipstick called "Bawse", and teamed up with Me to We to sell #GirlLove bracelets and necklaces to support the education of girls around the world. Fallon and fellow NBC late-night host Seth Meyers did a Champagne toast for her and posed for what Fallon joked was "a cheesy family photo". What is happening? I NEED TO SIT DOWN. "This has been SO long in the making and I'm so happy I can finally share this with you". Thank you, thank you, thank you! Watch the segment live at 11:30pm est! It's time to make magic. "Throughout my life these have proven to be obstacles from time to time". But now I'm fully embracing them as my superpowers ...
In 2017, Forbes ranked Singh tenth among the highest paid YouTube stars with earnings of $10.5 million. She has since amassed more than 14 million subscribers.