The possible series would focus on a hotel that serves as a refuge for assassins in a "hyper-real version of Los Angeles."
Collins would serve as showrunner if the pilot gets picked up and Reeves is on board as a producer, but the cable network did not say if he is expected to act in the project.
No casting has been announced yet.
Chad Stahelski -- who directed the first two John Wick blockbusters and is poised to helm the third -- is expected to direct the pilot.
The project was announced Friday by Starz President and Chief Executive Officer Chris Albrecht at the Television Critics Association Winter 2018 Press Tour.
"This series is truly unlike anything else on TV," Albrecht said. "The Continental promises to include the thunderous fight sequences and intensely staged shootouts between professional assassins and their targets that fans have come to expect in the John Wick movie franchise, as well as introducing some new, darkly compelling characters who inhabit this underground world."