Limelight follows students and teachers at a performing arts school in New York, similar to the one Williams attended while growing up in Virginia.
"This project reminded me a lot of my own life growing up, coming from a different environment where we stuck out for having abilities that we later learned, after attending a school like this, were actually gifts and talents," Williams told Variety. "The moral DNA for this project is that it's OK to dream, but to bring it to fruition requires hard work."
One of the executive producer's of Limelight is McG, who has directed videos for Cypress Hill, Korn, Wyclef Jean, Sugar Ray, Smash Mouth.
He has also produced TV shows like Fastlane, The Pussycat Dolls Present: The Search for the Next Doll and the upcoming Untitled Matt Cirulnick/McG Project.
"Pharrell is the ultimate embodiment of credibility in this space," McG added. "He attended a performing arts high school and went on to become the most prolific producer of our generation."
Limelight, which is still in development with network, will face a six-figure penalty if the project does not move forward.
Pharrell Williams is a Grammy Award winning rapper/singer/producer, who has created hits for stars like Jay-Z, Snoop Dogg, Britney Spears, Madonna and others.