42-year-old Banks, however, will not return as the series host, reported Aceshowbiz.
The news of the revival comes four months after Banks announced the end of the reality modelling competition.
VH1 said the series was being revived for "a new generation".
"After creating an incredible, global brand, I am beyond excited to have the show reborn," Banks said in a statement.
"I will continue as executive producer, but must turn my attention to new business endeavours, so I want to find a new host. I'm pumped to identify that person and bring back the show. Top Model fans, you demanded that the show come back, and VH1 answered the call. Get ready for a fierce-a-fied rebirth!"
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"ANTM" debuted in May 2003 on UPN and moved to The CW three years later.
It became the most successful reality series on the network and the longest-running series on the CW.
"We're thrilled to bring America's Next Top Model back to VH1 and partner with CBS Television Distribution and Tyra Banks to reinvent this franchise for a whole new generation," Chris McCarthy, General Manager of VH1, said in a statement.