The presenter, who has worked with the popular children's character since 1998, bought the rights for a "significant sum" from Bridgefilms, reports The Stage.
Cadell, who is currently planning a live tour called Sooty In Space, revealed that he is developing three ideas for TV shows.
He is working on a sitcom based in a handyman agency, a variety show and a pre-school game show.
Sooty and Cadell will appear at the Grove Theatre, Dunstable with former EastEnders actress Letitia Dean later this year.
Commenting on Sooty's enduring appeal, Cadell said: "The routines that I’ve been presenting are [Sooty creator] Harry Corbett’s from the '50s and the kids still scream with laughter, exactly the same way that they did 50 years ago.
"Kids haven’t changed. We’ve got a revival of Paddington Bear, Rupert, Basil Brush, names that parents now trust.
"I think people are now thinking back to how things were - simple, with good values, and I think Sooty falls into that category."
Harry Corbett's son Matthew, who worked with the puppet between 1976 and 1996, said: "I’m delighted that Sooty is in, or should I say on, the right hands.
"Richard Cadell is as close to a Corbett as you can get and we’re very confident that he will give Sooty the love and attention he deserves."