The public-affairs channel announced on Tuesday that Olbermann will hold a nightly prime-time news and commentary show.
Olbermann left his MSNBC talk show "Countdown" abruptly last month without explanation.
Olbermann's new show is expected to begin later this year.
The network said Olbermann will also serve as chief news officer and have an equity stake in Current Media.
Current, co-founded in 2005 by former Vice President Al Gore, is now revamping its little-seen schedule. The addition of Olbermann could raise its profile among viewers.
The Associated Press contributed to this story.