The six-episode British comedy - airing in 2016 - comes from Julia Davis, who was behind BBC Three's "Nighty Night" and" Hunderby" on Sky Atlantic, reported The Guardian.
Schwimmer will play an American TV producer hired to rescue the breakfast show, which stars Davis herself as 'Queen of Daytime' Gail Sinclair.
Davis created "Morning Has Broken" alongside Nick Mohammed, who will portray one of Gail's co-presenters.
Rachel Springett, Channel 4's commissioning editor for comedy, said: "Julia is undoubtedly one of our most talented comedic writers and actresses and it's a testament to the quality of her writing that she can attract such a big star."
Since playing Ross Geller, Schwimmer has mostly occupied himself with stage work and film directing. He is, however, set to star as Robert Kardashian in FX's upcoming miniseries "American Crime Story: The People v. O.J. Simpson.