CNN's Larry King poses with newly announced CNN host Piers Morgan in Los Angeles

READ MORE- Piers Morgan, Larry King successor, is proud to be Irish!

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Pier Morgan has said that his new chat show, in which he has taken over from CNN legend Larry King is like following "Sinatra at Vegas".

The media mogul said that he wants the new show, which is due to air in the New Year to be "provocative and challenging" and has admitted he wants President Barack Obama as one of first guests.

He said: "We'd like the President. He is the most significant figure on the planet and we are trying to get him."

Speaking to an audience at an exclusive event in London decribed King as "an absolute institution", adding: "It's like following Sinatra at Vegas. No-one remembers that guy's name."

Special guests at the event included former English Prime Minister Gordon Brown, Bruce Forsyth, and Naomi Campbell.

Piers said: "I was talking to Bruce and he said 'I've been trying to crack America for 63 years' and he said 'No offence Piers, you don't sing, you don't dance, you're fairly irritating. How have you managed to do this?'."

The former tabloid editor admitted that it was a dream job.

Broadcasting legend King, 76, announced this summer that he intended to step down from his world famous show after 25 years.

READ MORE- Piers Morgan, Larry King successor, is proud to be Irish!

READ MORE- Piers Morgan confesses he loves America