The show was created by Courtney Kemp Agboh, who will serve as executive producer and show-runner.
"Omari is an actor of incredible range and versatility," Starz Managing Director Carmi Zlotnik said in a statement. "When we met Omari, we knew he had all the tools needed to play such a complicated and complex character. We look forward to him bringing Ghost to life on the screen."
Hardwick will play James "Ghost" St. Patrick, a man who wants to turn his New York nightclub into a Fortune 500 business, however, he also is living a double life as the kingpin of the most lucrative drug network in the city.
The actor's film credits include "Sparkle," "For Colored Girls," "Kick-Ass" and "The A-Team."
Season 1 of "Power" will feature eight, hour-long episodes. The show is to begin filming later this fall for a 2014 premiere.