Yorgos Lanthimos, who directed Farrell in the film "Lobster," will direct the untitled, one-hour series that will cover the Iran-Contra scandal. Ben Stiller is among the executive producers.
North, a decorated U.S. marine and a Fox News commentator, was at the center of the scandal over the sale of weapons to Iran and the channeling of proceeds to the Contras in Nicaragua in the 1980s during Republican President Ronald Reagan's second term.
Lanthimos says he's excited to be working with Farrell again and that the story feels "very fresh and relevant to our times."
Farrell, active in films, starred in the second season of HBO's "True Detective."