Players will focus on a team of college athletes, according to The Hollywood Reporter.
The half-hour comedy will be executive produced by Hanks and Gary Goetzman. The pair previously worked together on HBO projects Band of Brothers, The Pacific and Big Love.
James Evans and Darryl Scott will also serve as producers on the project.
HBO is also developing a half-hour comedy based on the Karen Russell novel Swamplandia and a new medical drama from True Blood creator Alan Ball.
An adaptation of Jonathan Franzen's award-winning 2001 novel The Corrections starring Dianne Wiest and Chris Cooper is also in the works.
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Watch the trailer for Tom Hanks's next film Extremely Loud and Incredibly Close below: