The pair are set to reprise their roles as father and daughter Tony and Samantha Micelli in the comedy, which originally ran for nearly 200 episodes between 1984 and 1992.
Set 30 years after the original series, the revival will follow the dynamic between Tony and Samantha, who is now a single mother living in the house she grew up in.
Alyssa, 47, took to Instagram to confirm the news and share a throwback snap from the series.
She captioned the post: ''ANNOUNCEMENT I AM SO EXCITED! #WhosTheBoss is coming back. I've wanted to share this for so long and now I can!
''We feel the time is right to tell the story of where these amazing characters are today. Can't wait to share their stories with you. So happy.''
Alyssa and Tony had been joined in the original series by Judith Light, Danny Pintauro and the late Katherine Helmford. It is unclear whether Judith and Danny will feature in the revival.
Danza also shared his delight about the show's revival on social media.
The 69-year-old actor wrote on Twitter: ''Excited to bring The Micelli family back to television! #WhosTheBoss.''
Milano previously admitted that she would be keen to revisit the beloved sitcom.
When asked if she would reprise her role, Alyssa said: ''One hundred percent yes. It would have to be a really good script, though.
''I think (my character Samantha) would have (her own) kids and Tony would be a grandfather.''
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