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The ABC show touted their coup, with executive producers Walters and Bill Geddie noting it is the first time a sitting president ever did daytime talk.
"We are so pleased and honored," gushed Walters, who is recovering from heart valve surgery. She will make her first appearance on the show since May.
Although the crew of Whoopi Goldberg, Joy Behar, Elisabeth Horseback and Sherri Shepherd isn't known for grilling guests with hardball questions, Walters said the discussion will touch on topics including jobs, the economy, the Gulf oil spill and family life inside the White House.
Obama's appearance is part of the show's continuing "Red, White & View" campaign, which focuses on politics. Vice President Joe Biden was on in April.
Obama appeared on the show in March 2008 when he was a U.S. senator.
The program, which will be taped on Wednesday, airs weekdays at 11 a.m. Eastern time.