The project, which is still at the pilot stage, follows the story of a group of conmen and magicians who use their various skills to battle Hitler's Germany.
Aronofsky will also be the exec producer for the show, HBO confirmed.
Michael Chabon (Wonder Boys) and Ayelet Waldman (Bad Mother) will write the script and are also exec producing.
Aronofsky was scheduled to direct 20th Century Fox's The Wolverine this year, but pulled out of the project in March because of family commitments.
> HBO develops Nazi fighting magicians show