Producers Potts and Nash quipped: "For the most part, we want to create shows that are funny, clever and buzzworthy, but two out of three ain't bad."
Meat Loaf added: "You took the words right out of my mouth."
The star - whose track appeared on his sixth studio album "Bat Out of Hell II: Back Into Hell" - will serve as an executive producer for the project.
He is no stranger to the world of reality TV, having previously appeared as a contestant on the US version of "The Apprentice" in 2011.
Meanwhile, Meat previously revealed he finds it "hard" to stay in touch with people he has worked with across both his music and acting careers, where has starred in films such as "Fight Club" and "Wayne's World".
He explained: "It's hard. Living in Detroit, we opened for The Who and that's where I became friends with Roger Daltrey and kept in touch for the longest time.
"It's like when I did 'Fight Club' with Brad Pitt, we'd stay in touch for years, then all of a sudden he's somewhere else."
Meat has not appeared in a film since "Wishin' and Hopin'" in 2014 but admits he will "always" go back into acting.
"I will always act. We would tour for a while and then someone would offer me a movie so I'd go and do that. From 1996 to 2000 I did nine films."