The project is based on the book of the same name by Bill Clinton and James Patterson, which was released last year, reports variety.com.
"David brings such enormous depth, sensitivity and power to every role he plays. Having him as our lead ensures that our series will have the exhilarating suspense of a political thriller along with the juicy complexity of a character drama," said Gary Levine, co-president of entertainment for Showtime.
In "The President Is Missing", a powerless and politically aimless Vice President (Oyelowo) unexpectedly becomes President halfway into his administration's first term, despite his every wish to the contrary. He walks right into a secret, world-threatening crisis, both inside and outside the White House.
Attacked by both friends and enemies alike, with scandal and conspiracy swirling around him, he is confronted with a terrible choice: keep his head down, toe the party line and survive, or act on his stubborn, late-developing conscience and take a stand.
Oyelowo received a Golden Globe nomination for his role in Ava DuVernay's "Selma", in which he portrayed Rev. Dr. Martin Luther King Jr.
He was later nominated for both a Golden Globe and an Emmy for "Nightingale".
The deal for "The President Is Missing" was signed in 2017 prior to the novel's publication. The pilot is scheduled to begin production in 2020.
( With inputs from IANS )