The show will be an eight-episode anthology on FX and its first installment will tell the story of the fierce behind-the-scenes rivalry between actresses Joan Crawford (Lange) and Bette Davis (Sarandon) during the filming of the campy Oscar-winning 1962 psychological thriller What Ever Happened to Baby Jane?, reported Us magazine.
The pilot is partly based on the feature script 'Best Actress', which landed on the 2009 Black List for most-liked unproduced screenplays.
Besides Sarandon and Lange, the show's star-studded cast includes Alfred Molina, Stanley Tucci, Judy Davis and Dominic Burgess.
Murphy will direct several episodes of "Feud", which goes into production in the fall and is set to air in 2017.