The show will be based on the Elmore Leonard short story Fire In The Hole, according to The Hollywood Reporter.
The project will see the actor as a US Marshal named Raylan Givens returning to his roots in Kentucky.
"He is like an anachronism: He wears a hat, cowboy boots and a holster on his hip. It's a little bit like he was born 100 years too late," said creator Graham Yost.
The show is one of two new drama pilots greenlit by the network this year. The other is Lights Out, starring Holt McCallany.
Olyphant, 40, previously starred as Sheriff Seth Bullock in HBO series Deadwood.