The drama focuses on two musicians - one is famous, while the other is about to hit the big time.
The project has been written by Thelma & Louise scribe Callie Khouri.
Palladio has now joined the cast of the pilot, TV Line says.
The British actor is a relative newcomer but appeared in two episodes of the BBC drama The Hour last year.
Other projects currently in the works at ABC include period drama Gilded Lillys, a show about the crew of a nuclear submarine called Last Resort, and Desperate Housewives creator Marc Cherry's new project Devious Maids.