The series follows two homicide detectives who are assigned to solving cases involving people with superhuman abilities, known as Powers.
Izzard, who has been making regular appearances on NBC’s “Hannibal,” will play the primary Power, Wolfe, incarcerated for decades in order to keep his abilities in check.
Taylor, most recently seen in “Edge of Tomorrow,” will play criminal mastermind Johnny Royalle, who runs the Here and Gone Club.
The cast also includes Susan Heyward, Olesya Rulin, Max Fowler and Adam Godley.
David Slade will direct the first two episodes of “Powers,” written by Charlie Huston. Series is PlayStation Networks’ first foray into original programming as a way to compete with the likes of Netflix and Amazon. It ordered 10 episodes of the show in March that Sony Pictures Television will produce.
Show had originally been in development at FX since 2011.
“Powers” is expected to launch on Sony’s PlayStation platforms in December.