In addition, former Microsoft CEO and Los Angeles Clippers owner Steve Ballmer will also join the boardroom along with Schwarzenegger's nephew and entertainment attorney Patrick Knapp Schwarzenegger.
NBC describes Buffett as an "investment guru" in addition to being one of the most successful businessmen of all time. Banks is a supermodel, actress and CEO of the Tyra Banks Company. Alba is an actress and founder and chief creative officer of the Honest Company and Honest Beauty.
Schwarzenegger took over as host of "Celebrity Apprentice" after NBC cut ties with Donald Trump following his decision to run for president and subsequent controversial remarks about immigrants. The show will also relocate from New York to the Silicon Beach area of Los Angeles.
Over the course of the series, "The Celebrity Apprentice" has raised more than $15 million for charity. This season's winner will gain the title of the Celebrity Apprentice and a $250,000 check to give to their designated cause.
See photos of Arnold Schwarzenegger from over the years:
Arnold Schwarzenegger through the years
Jessica Alba, Tyra Banks join Arnold Schwarzenegger on 'Celebrity Apprentice'
"My body. *My* choice!"
As a kid himself!
LOS ANGELES, CA - SEPTEMBER 08: Actor and former California Governor Arnold Schwarzenegger and his daughter Katherine attend Trust Your Senses At DVF for Fashion's Night Out on September 8, 2011 in Los Angeles, California. (Photo by Amanda Edwards/Getty Images for DVF)
NEW ORLEANS - FEBRUARY 16: (LtoR) California governor Arnold Schwarzenegger with son Patrick Schwarzenegger, Maria Shriver and Christopher Schwarzenegger watch during NBA All-Star Saturday Night part of 2008 NBA All-Star Weekend at the New Orleans Arena on February 16, 2008 in New Orleans, Louisiana. (Photo by Bryan Bedder/Getty Images)
UNITED STATES - NOVEMBER 16: Arnold Schwarzenegger and wife Maria Shriver are on hand at the Plaza Hotel where he was honored with a Global Youth Peace & Tolerance Award. (Photo by Richard Corkery/NY Daily News Archive via Getty Images)
E366553 3/26/00 Los Angeles, Ca. Arnold Schwarzenegger And Wife Maria Shriver At The 72Nd Annual Academy Awards. Dave Mcnewonline Usa Inc. (Photo By David Mcnew/Getty Images)
368141 12: ***ESCLUSIVE*** Arnold Schwarzenegger plays in the hotel swimming pool with one of his daughters during an Easter vacation April 21, 2000 in Maui, Hawaii. (Photo by Chris Morton/Online USA)
BEIJING - MAY 19: (NO U.S. TABLOID SALES) Actor Arnold Schwarzenegger and his wife, television journalist Maria Shriver, visit the Forbidden City during a Special Olympics Event May 19, 2000 in Beijing, China. (Photo by David Hume Kennerly/Getty Images)
Arnold Schwarzenegger & Family during Hollywood Celebrity Families turn out to Celebrate Old Navy and P.S. Arts Partnership at Old Navy Store in Santa Monica, California, United States. (Photo by SGranitz/WireImage)
399207 01: Actor Arnold Schwarzenegger and his son, Patrick, pose in front of an F-22 Raptor with airmen in this undated recent photo at Edwards Air Force Base in California. In a recent poll, military members voted Schwarzenegger the star they would most like to meet. (Photo by Stacee McCausland/USAF/Getty Images)
SACRAMENTO, CALIFORNIA - NOVEMBER 17: California Governor-elect Arnold Schwarzenegger walks with his wife Maria Shriver and their four children to his inaugural ceremony at the State Capitol in Sacramento on Novemeber 17, 2003 in Sacramento, California. (Photo by Lucy Nicholson-Pool/Getty Images)
UNITED STATES - MAY 01: Eunice Shriver with daughter Maria, Arnold Schwarzenegger and some of her grandchildren attending the National Center on Poverty Law's Tribute to Sargent Shriver at the Beverly Hilton Hotel in Beverly Hills, CA 05/01/03 (Photo by Vinnie Zuffante/Getty Images)
BEVERLY HILLS, UNITED STATES: Actor Arnold Schwarzenegger(2nd from R) and his wife Maria Shriver(R) arrive at the premiere of the Steven Spielberg movie 'Amistad' with family members Bobby Shriver(L), Timothy Shriver(2nd from L) and his wife(C) 08 December in Beverly Hills. The film about a slave ship revolt stars Morgan Freeman and Anthony Hopkins. AFP PHOTO Vince BUCCI/mn (Photo credit should read Vince Bucci/AFP/Getty Images)
"Money doesn't make you happy. I now have $50 million but I was just as happy when I had $48 million."
"My body is like breakfast, lunch, and dinner. I don't think about it, I just have it."
"The mind is the limit. As long as the mind can envision the fact that you can do something, you can do it, as long as you really believe 100 percent."
"Milk is for babies. When you grow up you have to drink beer."
"I have to give the audiences what they enjoy seeing while I try to bring in a little something new"
"Strength does not come from winning. Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength."
"You know, nothing is more important than education, because nowhere are our stakes higher; our future depends on the quality of education of our children today."
"People should make up their own mind about what they think of me."
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The network also set the lineup for this season's contestants. They are:
Laila Ali, retired four-time boxing world champion and daughter of boxing legend Muhammad Ali
Brooke Burke-Charvet — actress and CEO of ModernMom.com
Eric Dickerson — NFL Hall of Fame running back who played for the Los Angeles Rams, Indianapolis Colts, Los Angeles Raiders and Atlanta Falcons
Boy George — Grammy Award-winning singer, songwriter, lead vocalist for pop band Culture Club
Matt Iseman — "American Ninja Warrior" host, comedian, actor and licensed physician
Carrie Keagan — Actress and former host of VH1's Emmy Award-winning live morning talk show "Big Morning Buzz Live with Carrie Keagan"
Carson Kressley — Emmy Award-winning television star, celebrity stylist, author and fashion designer
Lisa Leslie — Four-time Olympic basketball gold medalist and WNBA champion
Jon Lovitz — Comedian, film and television star and former "Saturday Night Live" star
Vince Neil — Lead singer for heavy metal band Mötley Crüe
Nicole "Snooki" Polizzi — Reality television star and New York Times bestselling author
Kyle Richards — Actress and star of 'The Real Housewives of Beverly Hills"
Chael Sonnen — Former UFC fighter
Porsha Williams — Co-host of the nationally syndicated "Dish Nation"
Ricky Williams — Heisman Trophy winning running back and ESPN sports analyst who played for the Miami Dolphins, New Orleans Saints and Baltimore Ravens
Carnie Wilson — Singer, television host and member of the pop group Wilson Phillips
"The Celebrity Apprentice" is produced and internationally distributed by Metro-Goldwyn-Mayer (MGM). Mark Burnett, Arnold Schwarzenegger, Page Feldman and Eric Van Wagenen are executive producers.