"Jerry is a great friend of ours, and a friend of Kelly's, and it doesn't hurt that he's an entertainment icon," said executive producer Michael Gelman in a statement. "It's a great way to kick off the new beginning of our show."
Seinfeld will join Kelly Ripa for three shows airing Nov. 21 to Nov. 23. Actor Jason Segal, actress Kim Cattrall, comedian Howie Mandel, chef Jamie Oliver and Miss Piggy are among the guests scheduled to appear.
Philbin leaves the show after hosting for 29 years. His last day on "Live!" will be on Nov. 18.
In recent years, Philbin has dealt with some major health issues. He underwent triple bypass surgery in 2007 and a hip replacement in 2009.
A new co-host has not yet been chosen to team up with Ripa.
"LIVE! With Regis and Kelly" airs at 9 a.m. PT on ABC7.