The announcement comes via a press release eight months before the election, which is set for 7 May 2015.
Paxman said: "There are new and interesting questions to ask about the way we choose our governments. This should be fun."
For the 2010 general election, Channel 4 broadcast an alternative to traditional broadcasting, 'The Alternative Election Night', with comedians such as David Mitchell, Jimmy Carr and Lauren Laverne.
Channel 4’s chief creative officer Jay Hunt said: "Jeremy is a compelling presenter and makes truly unmissable TV for those big political moments.
"His sense of mischief and danger makes him a fantastic fit with Four."
Channel 4 has said that further details of its 2015 general election coverage will be announced in "due course".