The project has received a put-pilot commitment from Fox and would mark MacFarlane's first live-action series for the network since 2007's short-lived The Winner.
Written and exec produced by Ted co-writers Alec Sulkin and Wellesley Wild alongside MacFarlane, the sitcom will follow two men who find their lives turned upside down when their "crazy fathers" move in with them, according to The Hollywood Reporter.
MacFarlane currently works on Family Guy, American Dad! and The Cleveland Show for Fox, while his update of classic cartoon The Flintstones is currently on hold at the network.
Ted - which starred Mark Wahlberg - grossed more than $400 million at the worldwide box office, with a sequel confirmed to be in development.
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Watch a trailer for Ted below: