The eight-episodes series, set in Venice, California, tells the story of self-appointed 'guru' Chip (Arnett), who falls for the object of his best friend's fascination, reported Entertainment Weekly.
Arnett, 44, who lends his voice to Netflix's 'BoJack Horseman' and starred on 'Arrested Development', co-created and co-wrote the series with Mark Chappell.
They will executive-produce with Ben Silverman, Peter Principato, and Arrested Development's Mitch Hurwitz.
"We are thrilled to be the home of Will Arnett's next series, and look forward to Chip joining his repertoire alongside such diverse and inspirational characters such as Gob, Bojack, and Batman," said Cindy Holland, Netflix's vice president of original content.
'Flaked' is slated to premiere in 2016.