The actors will star in the eight-episode show alongside Will Forte, Kristen Wiig and Ryan Phillippe, who appeared in the MacGruber sketches on Saturday Night Live sketches and the 2010 movie they inspired.
Forte co-wrote and is executive producing the series about a resourceful hero who was released after a decade in prison and must confront a villain from his past.
Elliott recently starred in The Ranch and A Star is Born, while Fishburne is best known for his roles in The Matrix and Black-ish and Rourke's credits include The Wrestler and Sin City.
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