The six-episode untitled series, which is expected to premiere in 2018, will see Letterman conducting long-form interviews with worldwide and local personalities. He added these words of wisdom: "If you retire to spend more time with your family, check with your family first".
He won't be back every night, but David Letterman will be back on television.
The streaming platform will feature six episodes of in-depth interviews and segments that the "Late Show" host pre-recorded, the report stated.
"Just meeting David Letterman was a thrill; imagine how exciting it is for me to announce that we will be working together", said Ted Sarandos, Chief Content Officer of Netflix.
Letterman is the latest in a string of former talk show hosts to reappear. "Thanks for watching, drive safely", Letterman joked in a statement.
Letterman said he was looking forward to doing weightier material and longer interviews than his Late Show format allowed.More news: United States congresswoman confident Guam protected from North Korea threat
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"It's somebody who means a great deal to me", he said.
"I'd like to talk to President Trump".
His current stage of planning, Letterman said, was to "write down a list of people that you know you're not going to be able to talk to, and those are the people that I want to try to get to talk to".
He told Hollywood trade paper Variety on Tuesday that he has one ifnterview already booked for the first Netflix show but would not reveal the name. Stephen Colbert replaced him as host after he bid farewell.
Letterman was also adamant that he would keep his beard for the Netflix series.
Last year he was a celebrity correspondent on Years of Living Dangerously, a climate-change documentary series on the National Geographic Channel, for which he traveled to India and met with Prime Minister Narendra Modi.