The actor playing Hefner is yet to be announced; nor is it known which part of Hefner's life the series will focus on.
In 2013, Rolling Stone reported Warner Bros were working on a big screen biopic written by The Queen's Peter Morgan, with Wedding Crashers director David Dobkin slated to direct.
Hefner resides at the 29-room Playboy Mansion in Los Angeles with his third wife Crystal Hefner.
The Mansion was sold in June to Hefner's next-door-neighbour in June, but under the condition that Hefner is allowed to continue living at the mansion.
The Hefner series is just one of several international film and TV projects in production in New Zealand, with Jason Statham shooting shark movie Meg here.
Read more: Is action megastar Jason Statham shooting a giant shark movie in Auckland?
Zombie-comedy show Ash vs Evil Dead and fantasy show The Shannara Chronicles are also based in New Zealand.
Ghost in the Shell, starring Scarlett Johansson, recently wrapped filming in Wellington.