The actor will star as Dale Lacy, a pillar of the community in the town of Castle Rock, Deadline reported.
The town has been featured in a number of King's novels such as Needful Things, IT, The Dead Zone, Pet Sematary, Cujo, The Shining, Salem's Lot, Hearts in Atlantis, The Green Mile and Doctor Sleep.
The show marks a reunion between O'Quinn and Abrams after working on Lost together. The 65-year-old has a recurring role on Blacklist: Redemption and previously costarred in Secrets and Lies.
Production on Castle Rock is set to begin this year.