MasterChef, co-hosted and co-produced by Gordon Ramsay, is based on the format of MasterChef Australia, which itself was based on the original MasterChef broadcast in the UK.
The culinary competition series features amateurs and home cooks competing for the chance to turn their culinary dream into a reality.
"Gordon and the producers really took MasterChef to a whole new level this year," said Mike Darnell, the network's President of Alternative Entertainment.
"The talent is absolutely fantastic, the competition is unbelievably intense, and it's become one of the most compelling, heart-stopping hours on television."
Ramsay's other cooking show Hell's Kitchen is currently airing on Fox, where its ratings continue to increase.
Hell's Kitchen airs on Mondays and Tuesdays at 8pm ET on Fox, with MasterChef at 9pm.
Watch a clip from the third season of MasterChef below (US only):