The deal is the consequence of Fox-Disney merger which didn't go well with the showrunner.
After Shonda Rhimes, Netflix has signed an exclusive overall deal with Ryan Murphy, another hotshot writer-producer who has hits such as Glee, American Horror Story and American Crime Story to his credit.
Murphy previously had an overall deal with 20th Century Fox to create content for Fox and FX and he will continue to serve as an executive producer on Crime Story and Horror Story besides Feud, Pose and 911.
Rhimes, best known for her long-running shows Grey's Anatomy and Scandal, also left her longtime home at ABC last August, reported Entertainment Weekly.
"Ryan Murphy's series have influenced the global cultural zeitgeist, reinvented genres, and changed the course of television history," said Ted Sarandos, chief content officer at Netflix.
"His unfaltering dedication to excellence and to give voice to the underrepresented, to showcase a unique perspective or just to shock the hell out of us, permeates his genre-shattering work," he added.
According to The New York Times, Murphy's deal is said to be worth up to $300 million. By comparison, back in 2010, Murphy signed a four-year contract with 20th that was said to be worth $24 million.
"The history of this moment is not lost on me. I am a gay kid from Indiana who moved to Hollywood in 1989 with $55 dollars in savings in my pocket, so the fact that my dreams have crystallised and come true in such a major way is emotional and overwhelming to me," Murphy said.
The producer said his company will "continue to champion women, minorities, and LGBTQ heroes and heroines".
Murphy's deal starts July 1, after his current contract expires.
The producer, in January, had said that he was not prepared for the studio's sale to Disney.
"So three months ago, I thought I would literally be buried on the Fox lot. I had my mausoleum picked out and I was just ready to just commit, you know. And it's an emotional group because, you know, I've grown up there. I started working there in my 30s. Many of us have had young children that played together, and so I was very not prepared for what happened," he had said about the deal.