According to The Hollywood Reporter, their untitled project will explore morning television shows within the competitive New York media scene. The project doesn't have a network attached yet, but it's believed the show will be shopped to "premium cable outlets like HBO and streaming services including Netflix" due to the caliber of the stars attached.
The show is an original idea from former HBO head of drama Michael Ellenberg. Jay Carson ("House of Cards") is writing the script and Steve Kloves ("Harry Potter") is expected to executive produce alongside both Aniston and Witherspoon.
The announcement comes after Witherspoon received an Emmy nomination for her work on the HBO series "Big Little Lies" earlier this year. While there's no official word on another season for that one, rumors have run rampant.
Aniston received five Emmy nominations for her role as Rachel Green on "Friends," winning once. She also nabbed a guest staring nomination for her 2008 appearance on "30 Rock."
Since then, she's stuck to the big screen starring in films such as "We're the Millers," "Just Go With It" and the "Horrible Bosses" movies.
But in an interview with Variety, the A-lister said she's been patiently waiting for the perfect project to make her return to television.
"I've thought about it a lot. That's where the work is. That's where the quality is," Aniston said. "At this point in my career, I want to be a part of wonderful stories, exciting characters, and also just having a good time."