NBC won the rights to the show after what New York Magazine described as a dramatic outbidding of rival networks on Monday, August 20.
The deal, secured by NBC Entertainment chair Robert Greenblatt, guaranteed the series - produced by Sony Pictures Television - a full 22-episode airing, despite the fact that a pilot has yet to be filmed.
The sitcom will apparently be shot in single-camera format in New York City, where Fox's previous comedy Spin City was filmed. The as-yet unnamed show is due to premiere in fall 2013.
Fox was first rumoured to be considering a return to television in the Sam Laybourne-created series earlier this month.
In recent years, Fox has made appearances in Scrubs and Curb Your Enthusiasm, the latter of which earned him a 2012 Emmy nomination.
Watch a clip of Michael J Fox in Curb Your Enthusiasm below: