The project, which has been penned by The Pacific scribe Michelle Ashford, is an adaptation of the Thomas Maier book Masters of Sex: The Life And Times Of William Masters And Virginia Johnson, The Couple Who Taught America How To Love.
The show focuses on the lives of Masters and Johnson, who are considered to be among the first scientists to research human sexuality.
Their work is also often credited as being partly responsible for the sexual revolution.
Paul Bettany has already signed up for the role of Masters, and now Deadline reports that Sears and D'Agosto will play doctors who work with Masters and Johnson.
Sears has previously appeared in shows such as Raising The Bar, The Defenders, Torchwood and American Horror Story.
Meanwhile, D'Agosto's credits include Heroes and The Office.