The concept is similar to that of FX's "Wilfred," which features a pot-smoking pet dog who gets Elijah Wood into all kinds of shenanigans.
But unlike in "Wilfred," in which the dog's ability to talk may just be a figment of Wood's imagination, in "Ted" other people can see and interact with the misbehaving bear.
In addition to writing and directing the film, MacFarlane voices Ted, who sounds a lot like "The Family Guy"s' Peter Griffin.
The film hits theaters on July 13, 2012.
Here's your NSFW first-look at "Ted."