Goldberg replaces Rosie O'Donnell, who ended her controversial -- but ratings-boosting -- tenure in May.
Goldberg has won an Oscar, Emmy, Grammy and Tony in her career. The Oscar was a best supporting actress award for her performance in 1990's "Ghost."
"I love this show," Goldberg, 51, said upon joining the panel on Wednesday's show. "I love coming on it. I love hanging out with you guys."
O'Donnell approved of the choice. "Whoopi is fantastic in every way. She's perfect for the job. She's amazing and one of my favorites," she said in a statement.
"The View" has been undergoing tumult and turnover since the spring of 2006. In April 2006, longtime co-host Meredith Vieira announced her departure for NBC's "Today" show. Later that month, the show announced it had signed O'Donnell as its new panelist.
In late June 2006, Star Jones Reynolds announced on air she was leaving in July. However, host and creator Walters announced the next day Jones Reynolds was gone from the show immediately.
O'Donnell joined the show in September. Her time with the show was marked by a much-publicized feud with New York real estate magnate Donald Trump and debates with co-host Hasselbeck, often O'Donnell's ideological opposite. Ratings reached new highs, however.
In April 2007, O'Donnell announced she would be leaving in June. However, after a furious argument on May 23 with Hasselbeck over Iraq and the war on terror, O'Donnell decided not to return.
Goldberg has had her own brushes with controversy, including a 2004 speech against the Bush administration that resulted in Goldberg being dismissed from a Slim-Fast advertising campaign.
Since O'Donnell's departure, the show has had a number of guest panelists, including Suze Orman, Kathy Griffin, Gayle King and Sherri Shepherd.
"The View" is in "ongoing discussions" with several people for another cast slot, a spokesman said, according to The Associated Press. Shepherd, who has appeared several times this summer, was rumored to be the leading candidate, but InTouch Weekly reports that negotiations between Shepherd and ABC have broken down.
