Starring Anna Chlumsky, Julia Garner, Katie Lowes, Anna Deavere Smith and Terry Kinney, the dark comedy is inspired by the New York Magazine article "How Anna Delvey Tricked New York's Party People" by Jessica Pressler, who also serves as a producer.
The Devil Wears Prada and Collateral Beauty director David Frankel is helming two episodes -- including the pilot -- of the 10-installment series.
"In Inventing Anna, a journalist with a lot to prove investigates the case of Anna Delvey, the Instagram-legendary German heiress who stole the hearts of New York's social scene -- and stole their money as well," a synopsis said. "But is Anna New York's biggest con woman or is she simply the new portrait of the American dream?"
Rhimes signed a multi-year deal with Netflix in 2017 and has a number of other projects in the works at the streaming service, including the anthology series Notes on Love.
She is known for her hit ABC shows Grey's Anatomy, Private Practice and Scandal.