The 42-year old, who has not appeared on screen since short-lived Friends spinoff Joey went off the air in 2006, is to team with David Crane and Jeffrey Klarik for the series, TV Guide reports.
Episodes will centre on a British couple whose television programme is turned into an Americanised sitcom that stars LeBlanc.
He said: "Jeffrey and David have a great idea - I love it. And I am so glad I got the part, seeing someone else play Matt LeBlanc would have been devastating."
Production on the series, co-produced by Showtime and the BBC, will begin on six episodes this winter in London and Hollywood.
Episodes is scheduled to debut in 2010 on the BBC and Showtime.