The series, written and executive produced by author Aaron Cooley (Four Seats: A Thriller of the Supreme Court), will follow the political and personal lives of first ladies throughout the history of the United States.
Showtimes has given the one-hour drama a three script commitment. Lionsgate TV is co-producing the project.
Davis is also executive producing alongside her partner at JuVee Productions Julius Tennon, Cathy Schulman, Jeff Gaspin and Brad Kaplan.
Obama started her production company, Higher Ground, with her husband, former President Barack Obama after leaving the White House. The Obamas have signed a multi-year deal with Netflix and have announced a slate of projects including the recently released documentary, American Factory.
Davis will next be seen in the sixth and final season of ABC's How to Get Away With Murder, which will return on Sept. 26.