Regis Philbin will be set to host ABC's New Year's Eve broadcast from New York's Times Square this year as Dick Clark's doctors have advised him not to host the show this year. Clark has hosted 'Dick Clark's Rockin' New Year's Eve' for the past 32 years, becoming an institution for millions of viewers.

Clark, 75, remains in the hospital after suffering a stroke a few weeks ago. A spokesman for Clark said his condition is 'getting better every day' but he was told not to host the program this year by doctors.

'It'll feel strange watching it on TV but my doctors felt it was too soon,' Clark said. 'I'm sure Regis will do a great job and I'm thankful that he was able to step in on such short notice.'

Philbin was thrilled with the opportunity to host the show and called it, 'the greatest temp job in the world.'

Ashlee Simpson is set to co-host the show with Philbin along with country duo Big & Rich, the rock band Good Charlotte and R&B greats Earth, Wind & Fire.