Fox will apparently formally announce the move later on Monday. The Huffington Post says Bayh will be "a commentator and political analyst across all of Fox News' platforms."
Bayh, who also previously served as Indiana's Governor, retired from the Senate in February.
"I love working for the people of Indiana, I love helping our citizens make the most of their lives," Bayh said when he announced his retirement. "But I do not love Congress."