According to Deadline, the contract means that the actor will produce and star in a new series for the studio.
“He's impressed us tremendously as an actor and producer," said Fox TV Chairman Dana Walden. "He's got talent, great instincts about ideas and material, and terrific comedic chops."
Valderrama previously worked with Fox on two projects, comedy pilot The Emancipation of Ernesto and a programme that parodied reality show The Dog Whisperer. Walden confirmed that the studio's previous work with the actor had led to the new deal.
He will also appear alongside Tom Hanks and Julia Roberts in Hanks's latest directorial effort Larry Crowne.