Bishop Libby was the first woman to become a bishop in the Church of England when she was appointed in 2015 after the General Synod vote on the issue in July 2014.
Downing Street announced on Tuesday that the Queen has approved her nomination for election as Bishop of Derby in succession to The Right Reverend Alastair Llewellyn John Redfern, who resigned in August this year.
Libby Lane was elected for ordination while working in the parish of St Thomas Brampton, Chesterfield but was brought up in Glossop in the north-west of Derbyshire, where her parents still live and where she returned on Tuesday with her husband and two children, following the announcement.
Listen to Bishop Libby, speaking to Premier here:
She said: "I am excited and privileged to have been called to serve as Bishop of Derby.
"I grew up here and my vocation was fostered here. Derbyshire nurtured me and brought me to faith and I want to love Derbyshire back.
"I want to lead a church in Derbyshire where people find hope because they know they are loved by God in Christ, and I pray that hope sets us free to live our lives in ways that bring change for good."
The Dean of Derby, the Very Reverend Dr Stephen Hance, said: "I am thrilled that Libby is coming to be our bishop. Her roots are here in Derbyshire, and we are all very much looking forward to welcoming her home and working with her in the months and years ahead.
"This announcement presents us with an opportunity to think afresh, about who we are and who we hope to be, about the opportunities and challenges that face us as we move forward."
Libby Lane is spending the day travelling around the diocese, meeting people in the agricultural industry and then a reception at Derby Cathedral followed by Evening Prayers.
The service to install Bishop Libby in Derby Cathedral will take place after Easter.
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