Valentine, which is still in development, focuses on the life of talk radio host Johnny Valentine.
Johnny is not as successful as he once was and has three failed marriages behind him.
Bacon has also signed up to executive produce the project along with writer Bryan Sipe. Laurie Macdonald, who has worked on movies like Gladiator and Sweeney Todd, is another producer along with Three Rivers' Ted Gold.
HBO is already developing another comedy with Bacon. The project, based on Clint McCown novel The Member-Guest, is being written by Neil LaBute.
Other comedies in the works at HBO include Entourage writer Doug Ellin's 40, Rob Riggle's Lifestyle Lemonaid and fashion comedy Spring/Fall.