Set to debut in 2018, the six-tale project will star Tim Blake Nelson as the title character.
"The Coens are visionary directors, masterful storytellers, and colorful linguists. We are thrilled for Netflix to become home to the full range of their talents," Cindy Holland, the streaming giant's vice president of original content, said in a statement Wednesday.
Nelson previously worked with the Coens on "O Brother, Where Art Thou?"
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