The untitled 10 episode series will premiere on Showtime this fall, Variety reported.
The show will feature Trump, his family and inner circle during their time in the White House and will keep up with current events.
Showtime said the project features the "truish adventures of Trump's confidants and bon vivants - family, top associates, heads of government, golf pros and anyone else straying into his orbit - intrepidly exploring their histories and their psyches, revealing insights into what makes them so definitively Trumpian."
Colbert is developing the program with Late Show showrunner Chris Licht. "Stephen and Chris have an uncanny genius for deconstructing the world of President Trump, and this series opens a new realm for them," said Showtime Networks president and CEO David Nevins in a statement. "Their vision will produce a comedy that makes waves, gets attention and plays great on our networks, including our streaming service."
"I know a lot of people wanted to do this, and I'm honored that the Cartoon President invited our documentary crew into his private world," added Colbert. "I've seen some of the footage, and I look forward to sharing the man behind the MAGA."
Development on the series comes after Colbert regularly pokes fun at the president on The Late Show.