"Late Late Show," which airs at 12:35 a.m. following David Letterman's "Late Show," has been without a regular host since Craig Kilborn (search) called it quits earlier this year.
Instead, it has been using a rotating roster of guest hosts, including Ferguson, who impressed CBS brass with his poise and off-the-cuff sense of humor.
The Scottish-born Ferguson will assume his regular hosting duties early next month.
"Late Late Show" competes directly with NBC's "Late Night with Conan O'Brien."
Others who were in the running for the regular "Late Late Show" hosting gig were MTV's Damien Fahey, former "Ed" co-star Michael Ian Black and comedian D.L. Hughley, who starred in ABC's "The Hughleys."
Ferguson, 42, played Drew's boss, Nigel Wick, for seven seasons on ABC's "The Drew Carey Show."