The pair is set to play warring pensioners living in a retirement home in the untitled show, which being written by All in the Family creator Normal Lear, reports the National Enquirer.
Sources tell the tabloid that 74-year-old Reynolds hopes the show will kickstart his career, following his recent lifesaving heart surgery, and Anderson agreed to cast aside the ex-couple's differences after their son Quinton, 22, intervened to broker the deal.
An insider tells the Enquirer, "Burt jumped at the chance to make a TV comeback, but he knew that without Loni, the show wouldn't work.
"When Burt and Loni talked, it was awkward at first, but she was touched when she realised how much it could mean to Burt... She realised the show would put him back on the Hollywood map."
Both stars have sitcom experience, Reynolds starred as an American football coach in Evening Shade and Anderson was a hit in WKRP in Cincinnati.
Lear reportedly plans to pitch the new show for the 2011 TV season.