Cosby made the announcement Friday, his 76th birthday, USA Today reported.
The special, "Far From Finished," is set to air Nov. 24.
Cosby's last special, "Bill Cosby: Himself," aired in 1984 on NBC and laid the groundwork for his Emmy-winning sitcom, "The Cosby Show."
The comedian said in a statement the reason for his return is "because ... funny is funny."
"Far From Finished" will be a compilation of Cosby's stand-up material performed this summer, USA Today said.
Robert Townsend will direct the special.
Notable deaths of 2014 [PHOTOS]