The 48-year-old Friends alum and 41-year-old Big Little Lies actress will team on an untitled project focused on a New York morning show, according to Variety.
The series is being led by former HBO head of drama Michael Ellenberg and his production company, Media Res. House of Cards producer Jay Carson will write the script, with Aniston, Witherspoon and Steve Kloves as executive producers.
The Hollywood Reporter reported the show will be shopped to premium cable networks, including HBO, and streaming services such as Netflix. The project is expected to draw interest from multiple bidders.
Aniston and Witherspoon are longtime friends who previously collaborated when Witherspoon guest starred on Friends. The new series marks a return to TV for Aniston, whose last starring TV role was Rachel on Friends.
"I've thought about [TV] a lot," the actress told Variety in January. "That's where the work is. That's where the quality is. At this point in my career, I want to be part of wonderful stories, exciting characters, and also just having a good time."
Aniston will also star in the movie Dumplin' with Danielle Macdonald, while Witherspoon is slated for Home Again with Reid Scott and a big screen adaptation of A Wrinkle in Time with Oprah Winfrey and Mindy Kaling.