Gervais will continue his strong relationship with the network, which has broadcast his previous hit series The Office, Extras and The Ricky Gervais Show.
Life's Too Short will air on BBC Two in the UK in the autumn and on HBO in 2012, according to Deadline.
Gervais and Stephen Merchant's follow-up series to The Office and Extras will be a fictional documentary following the life of 3ft 6 Hollywood actor Warwick Davis.
Johnny Depp, Sting, Steve Carell and popstar Sophie Ellis-Bextor will all make cameos in the show. Meanwhile, Jo Enright (I'm Alan Partridge, That Peter Kay Thing) has been cast as Davis's wife Sue, while Rosamund Hanson (This Is England) is playing his assistant Cheryl.
Watch a teaser for Ricky Gervais's Life's Too Short below: