The streamer last year gave an eight-episode order for the series which will see actor Will Forte reprise his fan-favourite "Saturday Night Live" character of MacGruber.
Forte had played the character in a comedy sketch for "SNL" that was a parody of the adventure series "MacGyver".
MacGruber is a special operations agent, who is tasked in each episode with deactivating a ticking bomb but becomes distracted by personal issues, resulting in the bomb's detonation and the deaths of his companions and himself.
The sketch was later adapted into a 2010 film, directed by Joorma Taccone, who will also helm the new series.
The show will pick up from the events of the movie with America's ultimate hero and uber patriot MacGruber being finally released.
"His mission: to take down a mysterious villain from his past—Brigadier Commander Enos Queeth (Rourke).
"With the entire world in the crosshairs, MacGruber must reassemble his old team, Vicki St. Elmo (Wiig) and Dixon Piper (Phillippe) in order to defeat the forces of evil," the official plotline read.
Elliott will feature as Perry, MacGruber’s father. Though they’ve drifted apart over the years, MacGruber will need his father’s sage guidance if he hopes to succeed.
Fisburne will play the role of General Barrett Fasoose, a highly decorated soldier who commands the respect of the entire US military. In addition to his illustrious career, he is currently married to MacGruber’s ex-wife, Vicki St. Elmo.
Forte will serve as writer and executive producer along with Taccone and John Solomon on "MacGruber".
Lorne Michaels, John Goldwyn, Andrew Singer and Erin David also serve as executive producers.