According to Variety, Ferguson's newly dubbed Green Mountain West shingle has entered into a two-year pact with CBS Paramount Network Television. Ferguson has recruited Tracey Pakosta, a former vice president of comedy development at The WB, to join him in the venture.
CBS will get the first look at any fruits of the deal.
The Glasgow-born Ferguson had a long run as a primetime co-star on "The Drew Carey Show" and took over "The Late Late Show" in 2005.
His move from late-night stardom to primetime production is hardly unprecedented. David Letterman's Worldwide Pants banner has produced shows including "Ed" and the upcoming "Knights of Prosperity." Conan O'Brien is an executive producer on former sidekick Andy Richter's new sitcom "Andy Barker, P.I."