CJ E&M, South Korea's biggest media conglomerate, will create a Korean version of Top Gear to air on men's lifestyle channel XTM.
Top Gear Korea will be hosted by former professional racing driver Kim Jin-Pyo, car and bike enthusiast Kim Kap-Soo and Yeon Jung-Hoon, a member of the Korean celebrity racing circuit.
The series will retain many of the core elements of the Top Gear format, including "tame racing driver" The Stig and the challenges, including a planned race against the famous KTX 'bullet train' and an epic journey from Seoul to Busan.
Top Gear Korea follows Zui Gaodong, the Chinese version of the popular motoring show which launched this year on Hunan TV.
Adam Waddell, the managing director for Top Gear at BBC Worldwide, said: "The Top Gear brand has a strong presence in South Korea, with the original UK version and the magazine already having successfully launched there.
"We're delighted that South Korean viewers will get to see their own local version, with a unique Korean spin on an internationally-renowned format."
XTM channel head Hwang Hye-Jung added: "We're thrilled to have licensed the format for Top Gear, which is a tried and tested hit around the world. We hope to see our version of the show become a huge success in South Korea."
Top Gear is one of the BBC's most lucrative brands, with the UK version being licensed to 198 territories globally and the format sold to Australia, Russia and the US.
The brand helped commercial arm BBC Worldwide generate record profits of £145.2 million in the 12 months to March 31 last year, on revenue of £1.074 billion.
> Top Gear new series to begin this month