Variety says that 40 focuses on a group of male friends in New York City.
Burns is expected to play a man whose life was changed when his employer, the bank Bear Stearns, collapsed in 2008.
Burns has appeared in movies including Saving Private Ryan, 27 Dresses and the upcoming film Man On A Ledge. He also had a guest role in Will & Grace and has played himself in several episodes of Entourage.
40 has been penned by Entourage creator Doug Ellin.