Titled Reboot, the show will follow a dysfunctional cast of actors who reunite when a television network (Hulu) reboots an early 2000s family sitcom.
Keegan-Michael Key and Johnny Knoxville will be starring in the show alongside Judy Greer.
Reboot is described as a satire that looks at the TV industry's inclination to reboot hit shows from the nineties and 2000s with the new series exploring a fictional Hulu's decision to reboot an early '00s sitcom, forcing its dysfunctional cast back together.
As their hit TV show prepares for a reboot, the cast's unresolved issues will be brought to light in the new world of TV they have found themselves in.
Key will star as Reed Sterling, a fussy actor on the family sitcom, called Step Right Up, who graduated from Yale School of Drama and resents the show for ruining his career.
Knoxville will play Clay Barber, a dark standup comedian whose only acting job was on the sitcom, while Greer will be playing Bree Marie Larson, a small-town pageant girl who always wanted to be an actress and a princess and ended up becoming both.
Rachel Bloom is also joining the show as the sitcom's writer, Hannah, who has a fresh take for the reboot. Calum Worthy will feature as movie star and hip-hop artist Zack, and Krista Marie Yu plays tech executive-turned-television creative exec Elaine.
"After working thirty years in TV comedy, this is both my love letter to sitcoms and, if I'm being honest, much-needed therapy," Levitan said in a statement.
Jordan Helman, head of scripted content at Hulu, said of the project: "Steve's incredible track record speaks for itself. Modern Family was brilliant and massively appealing, making millions upon millions of viewers laugh week-after-week and quickly becoming a global sensation.
"We're honoured that Hulu will be home to Steve's return to television with Reboot and given our slate of successful comedies such as Only Murders in the Building, Pen15, Ramy, and more, we know your viewers will devour this hilariously meta satire."
There is no word as to production schedules or when the show is set to premiere on Hulu as yet.
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