Louis CK and 'Portlandia' director Jonathan Krisel are also behind the project, which has been ordered for a 10-episode first season, reported Digital Spy.
However, the show will not premiere until 2016.
'Baskets' will centre around Chip Baskets (Galifianakis), who has dreams of becoming a professional clown, but is forced to work as a rodeo clown after disaster strikes at a prestigious French academy.
"Zach Galifianakis, Louis CK and Jonathan Krisel have created an absolutely brilliant show," said FX's Eric Schrier
"To say Zach's portrayal of the lead character Chip Baskets is hilarious/unique/riveting/fascinating would be an understatement. We can't wait for the world to meet him."
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