The deal was pursued by ITV's managing director of global contact Lee Bartlett, who recently left his role as Fox's executive vice-president to join ITV's worldwide production arm under Dawn Airey and succeeded her when she quit to join Five.
ITV will also remake some Fox programmes for a UK audience and vice versa.
Fox has made a series of programmes that have been snapped up by UK broadcasters, including '24', 'House' and 'Terminator: the Sarah Connor Chronicles', which stars Lena Headley and airs on Virgin 1 in the UK.
Fox was also recently planning to make a US version of Simon Pegg's cult comedy 'Spaced', but eventually passed on the deal.
The tie-up may even see the two companies produce concurrent US and UK versions of the same series.
The group steering the joint development fund will by headed by Ann Johnson and Steve Sicherman from Fox, and Kate Bartlett and Saurabh Kakkar from ITV Productions.
Bartlett said: "ITV has long had a foot in the door of the biggest television market in the world. As of today that door is well and truly open."
Bartlett is also considering Fox sitcom 'Dharma and Greg', a show about a hippie girl who marries a normal guy, as one existing US programme that could be recreated for the UK.
ITV has already moved in this direction through an agreement with US network NBC to remake crime drama 'Law and Order' for the UK audience.
However, the BBC has lead the way in international co-production ventures with programmes such as WWII drama 'Band of Brothers' and historical drama series 'Rome', made in partnership with Time Warner-owned HBO.
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