The pilot - loosely based on Merchant's stand-up tour of the same name - will star the English comic as an unlucky-in-love loser searching for the woman of his dreams in Los Angeles.
FlashForward actress Woods will play the sitcom's female lead Jessica, an actress who rents out Stephen's guest house and rejects his romantic advances, according to Deadline.
The 29-year-old's past credits include episodes of How I Met Your Mother, House and Castle. She also starred in short-lived NBC comedy Perfect Couples.
Hello Ladies recently cast Nate Torrence (Mr. Sunshine) and Kevin Weisman (Alias) as single friends of Stephen.
The Office co-creator Merchant will executive produce Hello Ladies alongside Lee Eisenberg and Gene Stupnitsky (Bad Teacher). The pilot is expected to shoot in late 2012.
> HBO orders new pilot from Stephen Merchant
Watch Stephen Merchant discuss his Hello Ladies stand-up tour with Digital Spy below: