The actor, who welcomed a baby girl with wife Jennifer Connelly in June, will play a sex researcher in a television adaptation of Thomas Maier's book Masters of Sex: The Life and Times of William Masters and Virginia Johnson, the Couple Who Taught America How to Love, Deadline reports.
The book chronicles the research of Masters (Bettany) and Johnson, which helped kick off the sexual revolution of the 1960s.
Bettany has starred in a number of films, including A Beautiful Mind, The Da Vinci Code and Master and Commander: The Far Side of the World. However, Masters of Sex will mark his first foray into American television.
In January, David Seidler, the screenwriter of The King's Speech, revealed that he originally wanted Bettany to play the lead role of King George VI in the Oscar-winning film. The part ultimately went to Colin Firth.
Bettany can next be seen in The Avengers.