The untitled project will focus on "the toil, trials and tribulations" of an up-and-coming rock band.
Sambora reveals he became involved with the series after network executives contacted him about creating music for another project.
The 56 year old decided to show bosses at the network a fictionalised script he wrote after being approached several times to pen a memoir.
He tells ABC Radio, "I don't want to do that cliched thing about who slept with who, what substance happened here, what was going on there.
"I'm a (New) Jersey guy so I keep everything to the chest. I don't want to talk about anybody anyway, right? Plus, I have a daughter... So I said, 'Why don't I write a teleplay?'"
The guitarist admits network bosses were very keen on the idea and wanted him to appear onscreen.
He continues, "I don't like acting that much, so I'm not going to do it. It wouldn't leave me any time to do anything else."