Haig Club is a new innovation from the House of Haig, Scotland's oldest grain whisky dynasty and makers of Haig Blended Scotch Whisky and Dimple Scotch Whisky.
Beckham and Fuller will work alongside Diageo, helping to develope the brand, its strategy and positioning.
The former Manchester United footballer will also lead the promotion of a responsible drinking programme for Haig Club, which is at the heart of the brand.
David Gates, Diageo's Global Head of Premium Core Spirits, said: "Whisky is experiencing a continued global renaissance and like many of the world's most respected whisky experts, we believe this will be the year that grain whisky breaks into the mainstream and gains the recognition it deserves. Diageo has a proven track record in Scotch Whisky innovation and we have applied this expertise through the House of Haig in liquid development and craftsmanship, creating a sophisticated new whisky in Haig Club.
"David Beckham and Simon Fuller are renowned for breaking boundaries and shaking up markets in every sector in which they work. We are immensely proud to partner with them on our first large scale grain whisky innovation."
Beckham added: "The House of Haig has a rich history and I'm proud to be working at the heart of a home-grown brand which has built an incredible heritage over 400 years. Working closely with Diageo, we look forward to collaborating on Haig Club, valuing and treasuring the Haig traditions while reinventing this whisky for years to come."
Simon Fuller said: "This is a long term commitment. It is important to us that we create something unique and of great quality. With Haig Club we have an opportunity to push boundaries and help shape how Scotch will be perceived in the future, it's an exciting proposition. We could not wish for a better partner than Diageo."
Haig Club has been crafted using a unique process that combines grain whisky from three cask types. This creates a fresh, clean style that showcases butterscotch and toffee for an ultra-smooth taste that the company believes will be enjoyed not only by current whisky drinkers, but also by those who have always wanted to try whisky.
Syl Saller, Diageo's Chief Marketing Officer said: "We see this launch as a terrific accelerator for the whole sector, and one that really strengthens whisky's position as the most vibrant spirits category.
"Consumers are constantly searching for new and different tastes and experiences and they are especially excited by those that come from authentic, heritage brands. And Haig Club certainly ticks those boxes. Throughout his career, David Beckham has been at the forefront of emerging trends and rewritten the rules of what it means to be a modern sportsman and businessman, and we are pleased he has decided to turn his hand to Scotch."
However, Alcohol Concern has expressed its "disappointment" that Beckham has signed up to promote the product.
The charity said that the move would send mixed messages to children.
"It's incredibly disappointing that David Beckham, a global icon who has wide appeal to children has chosen to use his sports star image to promote spirits," said Emily Robinson, deputy chief executive of Alcohol Concern.
"Given David Beckham's other roles promoting sport and a healthy lifestyle to children, we believe this will send a confusing message to them about the dangers of alcohol and its impact on a healthy lifestyle and we call on the star to rethink his association with this product."
Haig Club will be launched later in the year.
Details around pricing and availability will be announced nearer launch.