The Miami Heat forward has teamed up with his longtime friend and business partner, Maverick Carter, and The Cosby Show producer Tom Werner to oversee the project, which will be written by O'Malley.
Survivor's Remorse will follow the lives of two friends, one of whom is a basketball star, and how their relationships with friends and family change with their success.
The 30-minute sitcom, for America's Starz network, will feature some similarities to James' own rise to fame in Akron, Ohio, but Carter insists it won't be based on real life.
He tells the Associated Press, "It's definitely not an autobiographical series about my life or LeBron's life; it's fictional characters living in a fictional world. LeBron is actually too famous, he would screw the show up if I tried to make a show about him!"
A premiere date has yet to be set.