The West Wing, Parks and Recreation and Code Black alum is also executive producing the six-part series from creators David Griffiths, Kyle Killen, Dudi Appleton and Jim Keeble.
Filming is to take place around London and in Lincolnshire, starting next month.
Additional casting will be announced at a later date, the U.K. network said.
"As an actor, Wild Bill is a larger than life character who's outrageously articulate, has nothing to lose and revels in being an American fish out of water. As a executive producer, I'm excited to work with such talented partners and to come back to work in the United Kingdom, which I always love," Lowe said in a statement Friday.
Lowe is also planning to host FOX's competition series Mental Samurai in the United States for the 2018-19 television season.