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The BBC said it had committed to doubling the investment on BBC Three commissions over the next two years following the success of shows including Normal People and Fleabag.
The TV channel ceased operations in 2016 and was replaced by an online-only version available via the iPlayer.
BBC Three is expected to start rebroadcasting next year subject to Ofcom approval.
It comes after the BBC 2020/21 annual plan, published last year, indicated there remains an available audience on broadcast television for BBC Three.
“BBC Three is a BBC success story, backing creativity, new talent and brave ideas has resulted in hit after hit, from Fleabag and Man Like Mobeen, Ru Paul’s Drag Race UK and Jesy Nelson’s Odd One Out, to Normal People and This Country.
“The BBC needs to back success and make sure its programmes reach as many young people as possible wherever they live in the UK.
“So, regardless of the debates about the past, we want to give BBC Three its own broadcast channel again.
“It has exciting, groundbreaking content that deserves the widest possible audience and using iPlayer alongside a broadcast channel will deliver the most value.”
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