Magic City follows the mobsters, politicians and entertainments involved in establishing Miami's first big-name hotel, just as Fidel Castro is taking control of Cuba and putting an end to gambling in Havana.
Morgan, 44, would play the suave Jewish-American man who builds the hotel and makes unusual friends and powerful enemies along the way. The actor is best known for his multi-episode arcs on Grey's Anatomy, as heart transplant patient-turned-ghost Denny, and as Sam and Dean's father on Supernatural.
Mitch Glazer (The Recruit) created Magic City, and will executive produce with Geyer Kosinski (Hope & Faith). The drama is set to premiere in 2012.