Based on Madison's bestselling book of the same title, the show hails from Sony Pictures Television, according to The Hollywood Reporter.
The series will look beyond the polished facade of the Playboy brand to depict the visceral, often deeply damaging stories of the women who entered following a dream and found themselves manipulated, controlled and abused by the machine.
Madison's book, which was published by Dey Street Books in 2015, had spent multiple weeks at the top of the New York Times bestseller list.
It will be adapted by writer Marieke Hardy, who will also pen the script.
Will Gluck and Richard Schwartz of Olive Bridge Entertainment banner will executive produce alongside Peace Out Productions' Judith Verno and Madison. Weaving most recently starred in Ryan Murphy's Netflix series ''Hollywood'' and ''Bill and Ted Face the Music'', co-starring Keanu Reeves and Alex Winter.
She will next star in ''Snake Eyes: G.I. Joe Origins'' and Hulu's limited series ''Nine Perfect Strangers''.