Clay was popular in the 1980s with sitcom and movie roles, as well as standup comedy appearances.
The Clay series, produced by Fox, will follow the acerbic comedian as he writes a book, records a CD and produces his own Sirius satellite radio show, Daily Variety reported.
VH1 Senior Vice President Jeff Olde describes the show as a "real-life 'Entourage,' only with disheveled fortysomething guys in the comedy world."
The series, set to premiere in March, will show Clay on the road and at home, dealing with teenagers and a fiancee, "muddling through parenting and relationship issues," Olde said.
Sizemore's series will follow him to acting jobs, including a BBC movie being filmed in Canada. Sizemore will flash back to his sex and drug addictions via film he shot himself.
"You literally watch a man come unglued and unraveled from his own point of view," Olde said about Sizemore. "He lays it all out there."