Sex Criminals will be illustrated by artist Chip Zdarsky.
The series will centre around a pair of lovers who set out on a crime spree after discovering that time seems to stop when they have sex.
"Not to toot our own horns, but there's never been a comic book like Sex Criminals before," said Fraction. "There've been comedy books with sex, or sex comics with comedic moments, but no book with 'sex comedy' as its narrative thrust.
"Hard to imagine, but comedy and sex, which fit together so naturally literally everywhere else in the entertainment world, don't get done in comic books. Chip and I are thrilled to be the first ones in there to plant our seed."
Image also announced Fraction for murder mystery Satellite Sam with comics legend Howard Chaykin during San Diego Comic-Con International.
The writer will be tackling Fantastic Four and FF under the Marvel NOW! initiative.