The sitcom, written by Scrubs creator Bill Lawrence, will focus on the relationship between a father and son.
Eureka star Ferguson will play the father, who reunites with his son Will following the death of his wife, according to TVLine.
His past credits include the short-lived US remake of British comedy Coupling and Syfy's Eureka, which was cancelled in August.
Lawrence, who co-created ABC's Cougar Town, will also direct the Like Father pilot.
Other comedy projects in the works at Fox include Zachary Levi's Let It Go, basketball sitcom Rebounding and Little Brother starring John Stamos.
Glee actor Mike O'Malley's Prodigy Bully and The Goodwin Games - from How I Met Your Mother creators Carter Bays and Craig Thomas - have also been picked up to pilot.
> James Purefoy joins Kevin Bacon in Fox serial killer pilot
> Supernatural star Alona Tal joins The CW's Cult