The show, which is currently untitled, is set behind the scenes at a sports radio talkshow and is based on the work of ESPN personality Colin Cowherd.
Deadline reports that Wayans will play Nick, the show's presenter.
Nick is described as egotistical and opinionated, but he is also witty and loved by his fans. However, Nick faces problems with the women in his life.
Wayans has previously starred in shows including In Living Colour and My Wife And Kids. His son, also called Damon Wayans, recently booked a role in the Fox pilot Chicks And D**ks.
> Danny Comden joins CBS pilot