Pacino is known for his roles in The Godfather trilogy, as well as Heat, Scarface, Serpico and Dog Day Afternoon.
Based on an original idea and inspired by real events, The Hunt follows a diverse band of Nazi Hunters living in 1977 New York City, a press release said.
The cast will also include Logan Lerman, Jerrika Hinton, Lena Olin, Carol Kane, Saul Rubinek, Tiffany Boone, Louis Ozawa Changchien, Greg Austin and Dylan Baker.
Writer-producer David Weil will share show-running duties with producer Nikki Toscano, and Alfonso Gomez-Rejon is onboard to direct the pilot, then serve as a producer on the series.
No premiere date has been announced yet.
After winning his Best Original Screenplay Oscar last year for penning the contemporary horror movie Get Out, Peele has signed on as the host/narrator of a new version of the sci-fi anthology series The Twilight Zone. He also wrote and directed the upcoming thriller Us.