The multi-episode arc will be Allen's first TV series gig. Luck, produced by Michael Mann and David Milch, examines the horse racing world through the owners, jockeys and gamblers. The cast includes Dustin Hoffman, Nick Nolte and Dennis Farina.
Allen, 54, will portray a woman who runs a program that uses prison inmates to care for broken-down racehorses.
The three-time Oscar nominee most recently appeared in the Lifetime TV movie Georgia O'Keefe, which earned her an Emmy nomination earlier this year.