Coulthard - who worked with McKenzie at the BBC and Channel 4 - also acts as a W Series Advisory Board Chairman and will take on the role as co-commentator, alongside lead commentator Claire Cottingham.
Co-commentating duties will be shared with a range of further guest contributors, celebrities and motorsport personalities, set to be announced in due course.
Sky F1 pitlane reporter Kravitz will also act as a pitlane reporter for the coverage, with each 30-minute sprint race broadcast live on a Saturday afternoon.
Ted Kravitz, Sky TV and Craig Slater, Sky TV
Photo by: Sutton Images
"All of us at W Series are delighted to have contracted such a superb team of TV talent,” said W Series CEO Catherine Bond Muir.
"DC is of course a household name – a Formula 1 winner 13 times – and is a brilliant co-commentator, delivering his lifetime's knowledge of a racing driver's craft informatively and entertainingly.
"Lee is a consummate TV anchor-presenter – intelligent and insightful yet possessed of a friendly and accessible on-screen manner.
“Ted is a legend – uniquely able to describe and explain racing tech and tactics in a digestible way – while we're delighted that W Series and Channel 4 will be bringing Claire's motorsport commentary skills to a wider audience than have heard her before. She's an excellent racing story-teller.
"In summary, it’s a great team, and it's especially pleasing that there are so many women in key positions – with more to come."
W Series, with a line-up that includes 2019 MRF Champion Jamie Chadwick and former GP3 racers Alice Powell and Beitske Visser, gets underway in support of the DTM at Hockenheim on 4-5 May.