The project, from "Boardwalk Empire" executive producers Martin Scorsese and Terence Winter and Rolling Stones' Mick Jagger, has been in the works at HBO since 2010 and is aiming for a 2014 shoot.
Scorsese is set to direct the pilot, which was penned by Winter and follows Richie (Cannavale), a cocaine-fueled record executive in 1977 New York City.
Scorsese, Jagger, Winter, Jagged Films' Victoria Pearman, Sikelia president Emma Tillinger Koskoff and Rick Yorn are the executive producers on the project.
Cannavale, who was Tony-nominated for his performances in The Motherf**ker With the Hat and Mauritius, has also been seen on Broadway in Glengarry Glen Ross.