Johnny Weir and Tara Lipinski Will Be Olympic Commentators, Promise an 'Inside Look' at the Games and 'Some Half-Naked Athletes'

Watch out Rio – Johnny and Tara are comin' to town!

Colorful former Olympic figure skaters turned sports commentators Johnny Weir and Tara Lipinski will act as NBC culture correspondents for the highly anticipated 2016 summer Olympic games – and the best friends couldn't be more excited.

"We are going to bring our A-game!" Weir tells PEOPLE. "You can definitely expect some costuming and craziness."

"We can't wait, this is a dream come true for us," adds Lipinski.

The duo, who refer lovingly to each other as "honey" and "hon" will report from Brazil in August covering fashion, food and the more fun side of the games.

"We aren't giving technical analysis. Johnny and I will bring all of the amazing culture of the Olympics to viewers at home," says Lipinski.

The BFFs have created a joint Instagram account, documenting their Road to Rio, and plan to post insider video and pictures during the Olympics.

"We'll be floating around getting an inside look," says Weir. "We're also really excited to see some half naked athletes in the best form of their lives competing for gold medals!"

Lipinski says she can't wait to see the gymnasts perform.

"Figure skating and gymnastics are closely related in a lot of ways," she says. "Since I was a little girl I've watched gymnastics on television and it's my favorite event in sports."

Weir and Lipinski first stole the show as correspondents at the 2014 Sochi Winter Olympics when they joined NBC ice skating analysts in the commentators' booth chatting fashion and form – but the friends promise their Rio coverage to be even more entertaining.

"We love our roles as figure skating analysts, but this new assignment will give us the ability to delve into all things Rio and hopefully bring the 'Tara and Johnny' perspective to the Summer Games," says Lipinski.

Be sure to keep an eye out for Weir and Lipinsi at the 2016 Kentucky Derby as well, May 7. The pals will report on Derby fashion and act as social media correspondents.

Digital conversation of Weir's traditional reveal of his (usually over-the-top, crazy) Derby hat will be documented with a tweet-powered brooch on his lapel that illuminates when social media users talk about it.

"You don't want to miss it," says Weir with a laugh.