The terms of the deal, which the entertainment industry trade newspaper said is still being finalized, were not disclosed.
Perry co-wrote and will star in the as-yet-unnamed series to be directed and produced by Thomas Schlamme.
The actor and Schlamme previously collaborated on "Friends," "The West Wing" and "Studio 60 on the Sunset Strip."
Perry, who is also executive producing the new show, is to play the "self-involved manager of a second-rate sports arena who begins to re-evaluate his life on his 40th birthday," The Hollywood Reporter said.
Perry's former "Friends" co-star Courteney Cox also headlines an ABC comedy series, "Cougar Town," which last week was picked up for a full season.
Celebrity Families of 2014 [PHOTOS]