Across 22 major-league seasons, the majority of which came with the Yankees, A-Rod hit 696 home runs.
Rodriguez, who got critical acclaim past year for his work during Fox's postseason coverage, will be primarily a studio analyst, but he also will expand his role to work occasionally as a game analyst and feature reporter.
John Entz, the president of the production and executive producer of Fox Sports, said that bringing A-Rod back was a priority of the network. "His potential is off the charts and he's been an incredibly quick learner in the world of television".
A three-time AL MVP who admitted using performance-enhancing drugs during his playing career, Rodriguez was released by the New York Yankees last summer with more than a year remaining in his $325 million, 10-year contract.
An insider also tells Page Six that the new couple "are really into each other because they have so much in common - from their Latin roots to their love of NY, and their kids".
"I'm excited to continue working with the Fox Sports family", Rodriguez said in a statement. He also figures to have a high-visibility role during the 2017 MLB All-Star Game in his hometown of Miami.
Rodriguez has proven to be a terrific analyst during the last two years of Fox's postseason coverage. Rodriguez's chemistry with Pete Rose and Frank Thomas was the deciding factor in retaining Rodriguez.