The five-part series - based on a hit Dutch format - involves Daley attempting to teach his sport to various celebrity contestants.
Vernon and Gabby will host as the stars take to the diving board in a series of live heats, with experts scoring them on their efforts - but it will be up to viewers to vote their favourites in to the finals.
Names rumoured to be taking part include Katie Price's ex-boyfriend Leandro Penna, The Only Way Is Essex star Joey Essex, and former ski jumper Eddie 'The Eagle' Edwards.
Speaking about his new project, Tom said: "2012 has been a wonderful year for me – what better way to round it off by becoming involved in this great new show.
"I’ll be helping the celebrities as they master a dangerous and exciting sport and I can’t wait to get started."
Splash! - which will be filmed in front of an audience at a sports centre in Luton - begins on Saturday 5th January at 7.15pm on ITV1.