The Foo Fighters frontman will executive produce the project, which has been created by comedian Dana Gould, according to Deadline.
Gould will also write and star in the untitled sitcom, which will follow a troubled rock group who turn to a misanthropic therapist to help solve their musical conflicts.
Beavis and Butt-head's Tom Lassally, Louie's Dave Becky and Bill Gerber will executive produce alongside Gould and Grohl.
In 2010, Gould wrote, executive produced and starred in the comedy pilot Nolan Knows Best, but the project was not picked up by ABC.
Other projects currently in the works at FX include Charlie Sheen's new sitcom Anger Management and an adaptation of the comic series Powers.
Actor and comedian Eddie Izzard is also working on a new political drama pilot, provisionally titled The Politician, with the channel.
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Watch the music video for Foo Fighters' latest single 'These Days' below: