According to The Hollywood Reporter, the as-of-yet untitled series, loosely based on Mulaney's own life, will follow a group of young friends and their misadventures.
Michaels will produce the project along with Andrew Singer, Dave Becky and David Miner.
The peacock network also recently ordered a drama pilot from J.J. Abrams and a comedy from "Cougar Town" and "Scrubs" creator Bill Lawrence.
Mulaney, 30, was most recently seen alongside frequent collaborator Nick Kroll on his new sketch show "The Kroll Show."
The standup comic is best known for co-creating Bill Hader's beloved "Saturday Night Live" character Stefon and for making several appearances on "Weekend Update."
The up-and-comer also had his own Comedy Central special titled "New in Town," which premiered last year and made several year-end lists for best comedy album.