Showtime president David Nevins is expected to make the official announcement next week, reported Variety.
The 53-year-old comedy legend serves as an executive producer on the dark comedy along with former standup comedian Dave Flebotte who penned the pilot, which is based on William Knoedelseder's novel of the same name.
Exploring the famous Hollywood comedy clubs of the '70s the pilot will explore the golden era of Los Angeles stand-up comics, when a lot of today's most-admired comedians began their career.
Jonathan Levine of "Warm Bodies" will direct the pilot.