The 39-year-old actor/rapper will also executive produce the revival.
The Hollywood Reporter says that the revival will be a little bit different as it now targets Generation Z audience.
It will replace gross-out challenges with more playful games, such as couch surfing at 300 feet and waterlogging personal cellphones.
According to a press release, the 12-episode reboot is inspired by urban legends, popular scary movies, and viral videos from today's cultural zeitgeist, using all of those to push contestants beyond their comfort zones and force them to "take action against some of their biggest stressors."
"Fear Factor" first ran on NBC from 2001 until 2006. It was revived in 2011, only to be cancelled again in 2012. Joe Rogan was the original host of the show and returned for the 2011 revival.
The MTV reboot is set to premiere on May 30.