"For a long time, I thought that 'Here Lies Pete Schweddy' would end up on my tombstone," Baldwin said in a statement. "Now, thanks to Ben & Jerry's, the goodness of the Schweddy family recipe won't go with me to the great beyond."
In the classic sketch, Shannon and Gasteyer played NPR hosts. Baldwin played Pete Schweddy, a baker.
The flavor, which was rumored to be in the works in June, will be available nationwide. It features Fair Trade vanilla ice cream -- with a hint of rum -- fudge covered rum balls and milk chocolate malt balls.
"The Schweddy Balls sketch was a personal favorite from my 'SNL' run, so I am pleased as holiday punch that Ben and Jerry's has taken it upon themselves to share the Schweddy Family recipe with the world. As a person and a performer, I am a sucker for holiday balls. And I have no doubt this ice cream will cause many to scream 'Good Times,'" Gasteyer said in a statement.
Watch the classic sketch below.
Alec Baldwin hosts the 'Saturday Night Live' Season 37 premiere, Sept. 24, 11:30PM ET on NBC