"It's nice to be back home in an arena where I'm completely comfortable and with a show idea that I love," Baio said in a statement.
The multi-camera comedy stars Baio as David Hobbs, an actor who played America's favorite TV dad for 10 years. The character becomes a stay-at-home father as part of a deal he made with his soap opera actress wife so that she can reclaim the spotlight.
Tina Albanese and Patrick Labyorteaux co-created the show and will serve as executive producers.
"Scott Baio is an actor known and beloved by today's Nick at Nite viewers, many of whom are parents," Marjorie Cohn, president of original programming and development at Nickelodeon, said in a statement. "His new project will put a contemporary and comedic twist on parenthood that will make for a great addition to our existing slate of family programming."
Tell us: Does 'Daddy's Home' sound like something you'd watch?