The deal will allow Hasbro to create games and toys based on Zynga's games, which include Farmville and Mafia Wars.
Mark Pincus, the founder and chief executive of Zynga, said: “It's exciting to partner with Hasbro as we share a common vision for play and a mission to connect the world through games.
"This partnership is so special because it represents an exciting leap forward in enabling people to connect their virtual and real worlds."
The initial range will hit retail later this year and according to Brian Goldner, CEO of Hasbro, the deal is part of the company's plan to expand "from digital to analogue and back again.
"Zynga is redefining how people play. This strategic alliance plays off both Hasbro's and Zynga's proven strengths and is emblematic of the new innovations and new platforms we are creating across our entire gaming portfolio."
The deal is expected to be expanded to allow Zynga to create virtual versions of Hasbro's games and toys.