The Scream actor has teamed up with Merv Griffin Entertainment to produce and host Ranking the Stars, a show featuring a group of famous panelists who are asked to rate one another on a series of topics.
The celebrities will poke fun at themselves as they determine whether they are more or less likely than their fellow panellists to do select tasks, such as tip off the paparazzi to their whereabouts, or record a sex tape, reports trade paper Daily Variety.
And Arquette, whose marriage troubles with wife Courteney Cox have been hitting the headlines in recent months, insists the show is perfectly suited to his style of humour.
He tells trade paper Daily Variety, "A lot of my humour is from a self-depreciating place anyway. My flaws are what make me funny and I have no problem letting people poke fun at that."