The pair join the Showtime comedy pilot which focuses on one man's pursuit of happiness, Deadline reported.
The show sees Coogan play a 44-year old whose position is jeopardised when a 25-year-old becomes his boss.
Preston will play Debbie Dubonte, who must reinvent herself after losing her job, while Royo stars as corporate lawyer Barry.
Kathryn Hahn and Bradley Whitford also appear in the pilot. Molly Price will star as Royo's divorced wife.
Coogan replaced the late Philip Seymour Hoffman on the show in October.
Whitford of 'The West Wing' and 'Trophy Wife' fame joined Happyish last month.
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