The six-part fantasy-drama will stream on Amazon in the United States and be broadcast on BBC Two in the United Kingdom in 2019.
Writer Neil Gaiman will also serve as showrunner on the series, which is adapted from the novel he wrote with Terry Pratchett, who died in 2015.
Gaiman's book "American Gods" was successfully brought to the small screen by Starz this year.
"I first read 'Good Omens' as a teenager and it's been one of my favorite stories ever since," Sheen said in a statement.
"To be part of the team entrusted with bringing it alive on screen is a bit of a dream come true to be honest. To work alongside Neil, who I think is one of the greatest storytellers of all time, is incredibly exciting. And, just like the rest of the world, I'm a huge fan of David's, so I relish trying to save it with him."
"Michael Sheen, Neil Gaiman, Terry Pratchett and directed by Douglas Mackinnon, it's a dream team and a dream gig. I am very excited that I've been asked to be part of this amazing project. Bring on the Apocalypse!" Tennant added.
"If you are looking for actors to play two of the best-loved characters you and Terry Pratchett ever created, then, if you are very lucky and have been very good, you will get Michael Sheen and David Tennant to bring them to life," Gaiman remarked.
"The best Welsh actor of his generation gets to be an angel, the best Scottish actor of his, a demon. Terry and I wrote 'Good Omens' -- I like to think it's one of the funniest novels ever written about the end of the world and how we are all going to die -- almost 30 years ago. It's strange that it feels more relevant now than it ever did before. I only wish that Terry could be here to see it come to life with such a fantastic team."
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