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Entertainment Weekly reports that Reynolds will star in the USA Network show as a legendary operative who has retired and been cast out of the CIA.
His character Paul Anderson will reportedly serve as a cautionary tale for Michael (Jeffrey Donovan).
"Things have not gone well for [Paul] since he left the spy service," creator Matt Nix said. "He's now working as a bartender under an assumed name and he gets into trouble with some very nasty Russian guys."
Nix continued: "He's not exactly like Michael. He's Michael should Michael succumb to some of the demons that haunt ex-spies."
Reynolds will appear in the show's fourth season, which premieres on June 3 at 9/8c.
