Hit and Miss has been created by Shameless scribe Paul Abbott and will focus on contract killer Mia (Sevigny).
In the six-episode series, it will be revealed that Mia has undergone a sex change and fathered several children in her previous life, according to Deadline.
Sevigny previously starred alongside Hilary Swank in 1999 film Boy's Don't Cry, which depicted the real-life story of Brandon Teena, a transgender man.
She has also appeared in such films as 2000's American Psycho and 2004's Melinda and Melinda, while her television credits include HBO's Big Love and a guest role on Will & Grace.
Hit and Miss has been written by Sean Conway and will be helmed by Doctor Who and Wallander director Hettie McDonald. Paul Abbott will executive produce the project opposite Nicola Shindler.
A number of parties, including HBO and Showtime, are said to be interested in picking up the series for US broadcast, though the project is yet to be formally pitched to any of the networks.
Chloe Sevigny is currently working with HBO on four-hour mini-series Lizzie Borden, while the remake of Abbot's series Shameless has been picked up for a second season by Showtime.