After coming in as the runner-up on last season's "The Bachlorette," the business owner had been a favorite to hand out roses on "The Bachelor."
But that honor went to Arie Luyendyk Jr. instead.
On Wednesday, the franchise's creator Mike Fleiss tweeted that Kraus would be participating in the spinoff "Bachelor Winter Games."
"Yes, Peter will be looking for love -- and going for the gold -- on #TheBachelor Winter Games!!!," Fleiss tweeted.
"The Bachelor Winter Games," is said to "take competitive dating to a chilling new level" by bringing all-stars back from "The Bachelor" and "The Bachelorette" to participate in "winter-themed athletic challenges."
According to Fleiss, the season will feature international locations.
"In celebration of #TheBachelor being the world's No. 1 show, at least 12 different nations will be represented at The Winter Games!!!," Fleiss tweeted.