The new programme will screen on weeknights at 10.30pm. Further details, including the programme name and a start date, have yet to be revealed.
MediaWorks head of news Mark Jennings said the new hosts were "two of our brightest news and current affairs talents".
"As a team they bring something special to the late news slot, and I'm delighted to have them as co-hosts for the first time," he said.
"Between them they have covered stories from LA to India to the South Pole -- from the glamour of the Grammy's to the Climate Change Summit in Copenhagen."
Hayes has worked as a journalist and presenter TV3 for the past decade, while Farrier works on entertainment and technology stories for 3News and Campbell Live.
Farrier and Hayes will continue to work for other MediaWorks' news programmes.
