Martin Scorsese and Mick Jagger are behind the series, which will also feature Richie Finestra, Olivia Wilde, Ray Romano, Juno Temple and Andrew Dice Clay.
The series will "explore the drug- and sex-fueled music business as punk and disco were breaking out, all through the eyes of a record executive trying to resurrect his label."
Cannavale, a two-time Tony Award nominee for The Motherf**ker With the Hat and Mauritius, will star as the record executive.
Terence Winter will be the show runner of the new series, and Scorsese will direct its pilot episode. A debut date for the show was not announced.
