The project has been described as "South Park set in inner-city Detroit", reported Deadline.
"Brightmoor" will follow the African-American pupils at Brightmoor Elementary School.
The show is created and written by King of the Hill's Chip Hall and Detroit comedian Chris Powell (Comedian CP).
Diddy, real name Sean Combs, will executive produce through Revolt Films, with Sarah Snedeker as producer.
FX recently renewed "The Americans" for a fourth season, with FX president John Landgraf predicting that the series could last for five seasons.
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