"Big Little Lies" is based on Liane Moriarty's book of the same name, said The Hollywood Reporter.
Sources said Woodley's deal is near finalised, it is expected to close next week. HBO did not confirm.
The drama hails from David E Kelley ('Boston Legal', 'Ally McBeal') who is writing the series. HBO landed the project in May following a bidding war with Netflix.
It centres on three mothers of kindergartners whose seemingly perfect lives unravel to the point of murder. Woodley, 26, will take on the role of Jane, a single mother, and one of three leads opposite Witherspoon and Kidman.