Karren, chief executive of Premier League club Birmingham City, impressed after appearing as a guest interviewer in the last two series of the hit BBC show.
She replaces Sir Alan's sharp-tongued sidekick Margaret Mountford, who quit the show to focus on getting a PhD.
Mum-of-two Karren, 40, became the first woman to run a top-flight professional club when she took over Birmingham aged just 23.
She is married to Paul Peschisolido, manager of League Two Burton Albion and already juggles her job at Birmingham with roles on the boards of Mothercare, Channel 4 and Sport England.
Just three years ago she had brain surgery for an aneurysm.
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