Life's Too Short will air as a 30-minute pilot on BBC Two and will star Warwick Davis, who took the lead role in the movie Willow, as well as appearing in the Harry Potter films.
"It's a frustrating world, but an optimistic and warm one. This is a comedy where truth and big laughs sit side by side," said the BBC.
Ricky and comedy partner Stephen Merchant, who both created The Office and Extras, have written the show and will be executive producers. The pair will also have roles.
The show is billed as "an observation comedy" giving an insight into Warwick's daily life.
Warwick is also known for his role as Wicket The Ewok in Return Of The Jedi.
Ricky said: "We're having so much fun working with Warwick. Pound for pound he is one of the funniest men I know."
BBC Two controller Janice Hadlow said: "I'm very excited to see the return of Ricky and Stephen to BBC Two, but also to welcome Warwick Davis, a great talent, to the channel.
"Experimenting with innovative, broad appeal comedy projects are an important part of BBC Two's plans for the future."
Speaking about the project last week, before it had been commissioned, Ricky said: "It's a cross between Extras and Curb Your Enthusiasm and One Foot In The Grave but with a dwarf. That is out and out funny."