The series was developed by The Social Network writer Aaron Sorkin. It tells the story of employees at a nightly cable news show. While researching the show, Sorkin met with a number of cable newsmen, most notably Keith Olbermann and Chris Matthews.
According to The Hollywood Reporter, Daniels is currently in talks for the lead role.
Sorkin recently revealed that he was thrilled to be heading back to television.
Sorkin has previously created three television series: Sports Night, the critically-acclaimed West Wing and Studio 60 on the Sunset Strip.
In addition, Sorkin recently received an Oscar for his screenplay for The Social Network. Sorkin called the nomination a "triumph."
Daniels has previously starred in Dumb and Dumber opposite Jim Carrey, as well as Gettysburg.