The former Ed actor will play the title role in the upcoming ABC pilot from Life creator Rand Ravich. Cavanagh stars as a police psychologist who doubles as a bounty hunter at night.
"Edgar understands everyone but himself," said Ravich. "Because of a personal financial crisis, Edgar is forced to leave the safety of his office and enter the dangerous world of fugitive recovery."
Edgar Floats will also star Robert Patrick and Alicia Witt.
Cavanagh will supply the voice of Ranger Smith in the upcoming animated feature Yogi Bear.