Titled The Job Lot, the pilot is being produced by Big Talk Productions (Him & Her, Rev).
According to Broadcast, the show is to be aimed at "a similar blue-collar audience" to ITV1's biggest comedy hit Benidorm.
Miranda actress Sarah Hadland is also signed up for the project.
Tovey, who is currently starring in the West End, tweeted about working on the pilot yesterday.
"Filming on The Job Lot going along nicely, getting biked to the theatre each night after wrap... which feels both incredibly masculine and feminine at the same time," he wrote.
Watch Digital Spy's recent interview with Russell Tovey below: