Apple picked up the untitled project following a multiple-outlet bidding war, according to The Hollywood Reporter.
Aniston, 48, and Witherspoon, 41, will executive produce and star in the new drama. House of Cards producer and political consultant Jay Carson will serve as writer, executive producer and showrunner.
The untitled project revolves around a fictional morning show and the lives of the people involved. Deadline reported each season will be 10 episodes.
Witherspoon celebrated the news Wednesday by sharing a photo with Aniston on Instagram.
"So excited to be reunited with this one-of-a-kind lady #JenAniston as we make our TV show for @apple. Can't wait for y'all to see it! #FunThingsToCome #StayTuned #Apple," she captioned the picture.
Aniston and Witherspoon previously collaborated when Witherspoon guest starred on Aniston's show Friends. The Apple drama marks Aniston's first project as a series regular since she played Rachel Green on the NBC sitcom.