The new series, which was co-created by The Weeknd and Euphoria creator Sam Levinson is currently in development at HBO.
The Idol is set to follow a pop singer who starts a romance with an enigmatic L.A. club owner who is the leader of a secret cult.
According to Deadline, Depp is set to play the lead in the new series, while The Weeknd is expected to play the role of the club owner.
The pair are the only two stars announced so far for the series, which was announced earlier this year in June.
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