The project, titled 40, follows a group of male friends in New York City who have just turned 40. Burns, 43, would play a former Wall Street employee whose life was turned upside down in 2008 when his longtime employer, Bear Sterns, collapses.
Should HBO order the pilot to series, 40 would be Burns' first regular TV role. He previously appeared as himself in several episodes of Entourage, where his brother, Brian Burns, served as a writer-producer.
Entourage is set to wrap this year after eight seasons. There are reports that a movie may follow the series finale.
Burns will next appear on the big screen in Man on a Ledge.