"It will be interesting to look at the action from a different angle and bring that excitement and insight to listeners," Alguersuari told BBC.
"It promises to be an exciting season and I can't wait for it to start."
Adrian van Klaveren BBC Radio 5 live controllers said: "We're delighted to have Jaime on board, his engaging personality makes him a great addition to 5 live for the 2012 F1 season.
"We are going to make the most of Jaime's first-hand experience right now knowing he could well be driving for one of the teams again in the near future."
Just eleven days remaining for 2012 Formula 1 season kick-off at Australian Grand Prix.
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