Deadline claims that the project will be based on 1995 novel The Member-Guest by Clint McCown.
The original book focuses on a retired golf professional who is attempting a comeback, but must also deal with the demands of his country club members.
Entourage producer Steve Pink will write the new adaptation and will also executive produce alongside Aaron Kaplan and Tom Mangan. Original author McCown will serve as a consultant on the project.
Bacon, who is currently filming X-Men: First Class, will executive produce the series and is also said to be interested in taking the lead role.
The star's previous television work includes a role in HBO television film Taking Chance and an upcoming guest appearance on the cable network's comedy series Bored to Death.