The Hung star would play mobster Bugsy Siegel on the TNT drama, provided that it is ordered to series, according to The Hollywood Reporter.
The project from the former Walking Dead showrunner is set in the '40s and '50s and tells the story of the struggle between the mob and the LAPD.
A number of high-profile stars are attached to the project, including Milo Ventimiglia (Heroes), Neal McDonough (Justified), Alexa Davalos (Clash of the Titans) and Simon Pegg (Star Trek).
The series will star former Walking Dead actor Jon Bernthal as Los Angeles cop Joe Teague. The role of Mickey Cohen has yet to be cast.
TNT is expected to make a decision on whether to proceed with the series in the near future.