The Family Guyactor will be playing Mark Wahlberg's "sexually confused co-worker", according to Deadline.
Ted revolves around the relationship between The Fighter star's character John and his angry, aggressive eponymous childhood toy who comes back to haunt him.
Mila Kunis will be playing his girlfriend, while Seth MacFarlane will voice the bear in addition to taking on directorial duties.
MacFarlane is also penning the script alongside regular collaborators Alec Sulkin and Wellsley Wild.
Avatar actor Giovanni Ribisi has been cast as Donny, who is reportedly obsessed with the bear. Community star Joel McHale is also tipped to play Rex, a man who has a crush on Kunis's character.
Warburton's previous on-screen roles have included playing recurring character David Puddy in Seinfeld and the title role of the superhero comedy The Tick. He also voices characters including police officer Joe Swanson on Family Guy.
Ted is scheduled to open in cinemas in 2012.