Sheen will not only act in the series, but he will have an ownership stake as well.
In a statement, Sheen said: "I chose 'Anger Management' because, while it might be a big stretch for me to play a guy with serious anger management issues, I think it is a great concept."
The actor also said the show will provide him "a certain amount of creative control," saying he also looks forward to working with one of his "favorite movie producers of all time, Joe Roth."
Roth worked with Sheen on films including "Major League," "Young Guns" and "Three Musketeers."
Lionsgate is also part of the production team, and they hope to have a pilot ready to go for fall of 2012.
Sheen was thrown off the CBS comedy "Two and a Half Men" after his partying and bizarre behavior forced a production shutdown.
In May, Ashton Kutcher was announced to replace Sheen in "Men," TV's most-watched sitcom, which returns this fall for its ninth season with the remaining cast intact.
No additional cast members have been announced by Lionsgate for "Anger Management."
In the film, which starred Adam Sandler and Jack Nicholson, a mild-mannered man is ordered to attend group anger-management sessions led by a therapist who needs anger therapy himself.
The role Sheen will play in the series was not specified by Lionsgate.
The Associated Press contributed to this report.