The brother-sister team will executive produce and serve as head choreographers for the series, which is set in the world of international competitive ballroom dancing and "will explore the dancer's obsession with perfection and the darker side of the glamorous world of ballroom dance," the cable television network said.
"The world of ballroom dance has captivated millions of people around the world and there are no more recognizable superstars in this arena than Julianne and Derek," Carmi Zlotnik, managing director of Starz, said in a statement Tuesday.
"Their experiences growing up in this highly competitive world are riveting and also shocking. There is much more to uncover than what we see on the dance floor."
"Derek and I are thrilled to be working with Starz. We feel that their passion and the style and quality of their programming provide the perfect environment to capture the true essence of this world that Derek and I know so well and means so much to us," Julianne Hough said.
"I cannot wait to give audiences a fictionalized view of the world that I experienced growing up," said Derek Hough. "Viewers are going to see a twisted, sexy, funny, dark and passionate side of the drama and politics in the world of ballroom dance that delves deeper than spray tans and sequins."
No casting or air date have been announced yet.
Derek Hough will appear on Season 16 of "Dancing with the Stars" as singer Kelli Pickler's partner.
Julianne Hough can now be seen on the big-screen in "Safe Haven."
2014: The Year in Music [PHOTOS]