Production is to begin this year in Los Angeles, it was announced Tuesday by Marjorie Cohn, president of original programming and development for Nickelodeon Group.
Baio famously played a male nanny in the 1980s sitcom "Charles in Charge." His other acting credits include "Happy Days," "Diagnosis Murder" and "Arrested Development."
In his latest small-screen project, he plays David Hobbs, an actor who, after 10 years of starring as America's favorite TV dad, becomes a stay-at-home father to honor the deal he made with his soap-star wife so she may return to the limelight.
Among the producers on "Daddy's Home" are Patrick Labyorteaux, who co-starred on "Little House on the Prairie," and Jason Hervey, a cast member of "The Wonder Years."
Hervey and Baio previously collaborated on the unscripted series "Scott Baio is 45 and Single," "Scott Baio is 46 and Pregnant" and "Confessions of a Teen Idol."
"Scott not only brings his star power to this role, but a real authenticity as an actor-turned-dad," Cohn said in a statement. "'Daddy's Home' is a classic, multi-camera sitcom with a contemporary twist that our Nick at Nite family audience is sure to enjoy."