The proceeds from the special-edition Independent will go directly to Sport Relief.
Both titles will include contributions from a wide range of celebrities, including: an exclusive photo shoot with Lara Stone and Rosie Huntington-Whiteley, shot by Alasdair McLellan; interviews with Bill Gates, Eddie Izzard and Thierry Henry; and articles by Richard Curtis, Helen Skelton, Alan Carr, Rob Brydon, Dermot O'Leary and Nick Frost.
Previous guest editors of The Independent include Elton John, who edited the paper for a special World Aids Day edition in December 2010, and Bono who in 2006 used the experience to raise money for Aids charities in Africa.
Chris Blackhurst, editor of The Independent, said: "I'm happy to give up my seat to David. He has been planning this issue for some time, and has quite a few surprises in store.
"From football and fashion to celebrities and the arts, there really is something for everyone in this very special issue."
Walliams said he couldn't wait to sit in the editor's chair and choose which stories will make it to print.
He said he was "very grateful" to Evgeny Lebedev (chairman of The Independent and i) and everyone else at both publications for supporting the cause.
The Independent, which launched in 1986, markets itself as Britain's most free thinking newspaper.
In 2004, it was the first broadsheet newspaper to launch in a tabloid format, and in 2010 it went onto launch i, a more concise, cheaper version of itself.