Chazelle will executive produce the series, with the newly-minted Oscar-winner behind 'La La Land' also directing two episodes.
The show set in contemporary Paris, revolves around a club, its owner, the house band and the chaotic city that surrounds them.
Brit writer Jack Thorne, who was recently brought on by Disney to re-write 'Star Wars Episode IX', has penned the series, which will be shot in France and feature dialogue in English, French and Arabic.
Emmy-winning producer Alan Poul will also exec produce, while the original music is being written by six-time Grammy winner Glen Ballard.
Sharing his excitement on teaming up with Chazelle, Erik Barmack, Netflix's vp international originals, shared, "From the intense, complex relationship between a jazz drummer and his instructor in Whiplash to his dazzling duo of lovelorn Los Angelenos in La La Land, Damien's work is emotional and electrifying. His projects have a rhythm all their own, and we're incredibly excited for him, Jack, Glen, Alan and the production team to bring their vision for The Eddy to Netflix."
Adding, "We couldn't be happier that he will be shooting The Eddy in France and that we will bring this bold, global and multilingual series to our members around the world."