The series sees four famous faces go head-to-head and test their general knowledge.
Sheen said: “Quite literally very large shoes to fill but as a huge fan of the show I’m incredibly excited to be able to move into the House and at long last see my silhouette on a fondue set.”
On Instagram, Osman promised to clean the place before the new presenter arrived.
He said: “Beyond thrilled to be handing the #HouseOfGames keys over to the one and only Michael Sheen. I promise to put the hoover round before he arrives.
“Best of luck Michael, you’re such a great choice, and I know you, and the viewers, will have an amazing time.”
Caroline O’Neill, BBC commissioning executive, said: “We’re delighted to have Michael Sheen stepping into the House of Games.
“His charisma and passion for playfulness will be a joy for audiences and we’ve no doubt he’ll relish throwing himself into a fiercely fought Answer Smash.”
Earlier this year it was announced that Sheen is also set to present a BBC investigation series into chemical contamination in Wales.
Based on the Radio 4 podcast of the same name, Buried will see the Port Talbot star explore claims of chemical contamination in south Wales, close to where he grew up.
While best known for his acting roles, Sheen has previously presented documentaries on the care system and high-interest debt and credit.