Entertainment Weekly reports that the Oscar winner will play musical director and choreographer Patty Atwood in the Broadway-set series.
The show will see Norbert Leo Butz play a manipulative Broadway composer who is forced to juggle his dysfunctional family and a new musical production.
It was previously announced that Pushing Daisies actor Lee Pace and former Law & Order star Linus Roache had agreed to appear in the project.
Hope Davis, Frank Langella and Elaine Cassidy will also star.
The Hurt Locker director Kathryn Bigelow will produce the show and direct the pilot episode.