Variety reports House of Cards producer Jay Carson is attached to write the script, with Academy Award nominee Steve Kloves (Wonder Boys, Harry Potter) set to executive produce. Aniston and Witherspoon will also serve as executive producers.
The project's expected to be shopped around in the coming weeks to cable and streaming services.
It won't be the first time Aniston and Witherspoon two stars have worked together. Witherspoon guest starred on season six of Friends as the sister of Aniston's character Rachel Green.
Earlier this year Aniston hinted at a return to TV, telling Variety "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," she said.