The duo are confirmed to be hosting The X Factor this summer having replaced Dermot O'Leary.
The pair won't begin filming for a while yet but Olly admitted: "I can’t wait it’s gonna be amazing. I think nerves have definitely kicked in a little bit, I’m like wow, it’s gonna be quite an amazing thing to do."
The singer, who is currently on road playing to sell out crowds, added: "Obviously at the moment focusing on the tour, but I’m really excited."
Speaking to Free Radio, Olly confessed that it was gong to be "really tough" for him and Caroline to step into Dermot's shoes.
He explained: "When we did the Xtra Factor, the show had never had a twosome do it before. It’s the first time the X Factor the main show’s had that. So we’re looking to bring something fresh, something different. Of course Ant & Dec are the pinnacles of that, and do it so well.
"So we just wanna be ourselves and have a lot of fun, and I think it’s gonna be really great. I think X Factor and Simon wanted to revamp the show, and do some new changes, and obviously we’re delighted to be a part of it."
Olly added: "I’m excited! I love TV and I love The X Factor."
The X Factor 2015 will air later this summer on ITV.