"I’ve had a love affair with quiz shows for most of my working life, and the opportunity to host one of the TV world’s greatest formats is incredibly exciting," Larry told The Sunday Telegraph.
"The Chase is one of the most important shows on the network. Having spent a lot of time in this premium space — going into the news — I know that it’s a really great time of the day, just before dinner, when the family gets together.
"It’s a tumultuous time but shows move on and productions move on and over the years many hosts have been replaced with many other hosts.
"It’s happened very quickly. There’s no doubt about it, there’s lots of focus on it, but in keeping with what the network wants me to do, I have to aim for the blue sky and look forward."
Larry, who hosts The Morning Show with Kylie Gillies has hosted a number of game shows in his time. He has previously worked on The Price Is Right and Wheel Of Fortune.
It's believed the host was close to not renewing his contract with Seven at the end of last year, but the offer of The Chase job kept him with the network.
Production of the game show will be moved from Melbourne to Sydney making it more "manageable" for Larry, who called the gig "an exciting new challenge in my career when I was probably thinking more about winding down".
Seven made the announcement earlier this month that Andrew had left the network after 17 years, prior to domestic assault allegations made against him.
"Seven is obviously very concerned to read the reports regarding Andrew O’Keefe," a spokesperson said in a statement. "Seven has had a 17-year relationship with Andrew across a number of programs, although he is no longer with the network.
"As this is a police matter before the courts, we cannot comment further. The program hosted by Andrew, The Chase Australia, is not currently in production. The program is produced for Seven by ITV Studios Australia. Production will resume soon and a decision about who will host future series is still to be made."
For sexual assault and family and domestic violence support you can call 1800respect on 1800 737 732.
Never miss a thing. Sign up to Yahoo Lifestyle’s daily newsletter.
Or if you have a story idea, email us at email@example.com.