The Sussexes said they wanted to "shine a light on people and causes around the world" with this project, but it seems Netflix may have had other plans which the couple have now agreed to.
"They may have had all these lofty ideas about producing epics highlighting environmental causes and the poverty gap, but Netflix obviously want their pound of flesh," a source said.
"It will all be very tasteful, and not Katie Price and Peter Andre-style reality TV, but they want to give people a glimpse into their lives and see all the charity work they do."
They'll be followed around for three months, but it's not yet been revealed whether cameras will be allowed inside their million-dollar Montecito mansion.
The source said, "Much of the docuseries will be about their philanthropy rather than what they get up to behind closed doors.
"But it will still be a fascinating insight and Meghan hopes viewers will get to see the real her."
Harry and Meghan are rumoured to be getting their own reality series - months after announcing they were stepping out of the public eye. Photo / AP
But royal editor Ingrid Seward says "this all appears rather hypocritical".
"It is extraordinary. This is exactly what they said they wouldn't do.
"The more they talk about themselves the more people will want them to do just that and won't be interested in anything else they have to offer."
Meanwhile, PR expert Mark Borkowski said viewers would be interested in a glimpse inside the royals' daily lives.
"But there needs to be authenticity. They have laid out a grand plan and are fulfilling it. They are doing this all on their own terms. Their determination to have their voice heard sustains them."
He said that the move made sense as most of Netflix's big hits were reality shows.
"But this is something the royal family will find hard to stomach."
Netflix has said that Meghan and Harry already have a number of projects in development including nature docos and an animated series celebrating inspiring women, but wouldn't disclose anything else about the programming.
The couple are also facing criticism for "meddling" in the US election by sharing their political views.
They've alienated many Americans by backing Democratic candidate Joe Biden. The couple recently urged American voters to reject "hate speech" in a dig at Donald Trump.
It prompted Trump to announce that he was "not a fan" of Meghan.
