The pair was spotted out together in Los Angeles on Thursday, prompting speculation of a budding romance.
Both Lohan and Seacrest took to their pages on Twitter.com on Friday to drop hints about the potential project, which will reportedly help people in need of a second chance by giving them $1 million.
Seacrest writes, "Met with Lindsay last night about a show idea I have for her... it helps people and gives others a second shot! Still putting it all together."
Lohan will sit on the judging panel, listening to stories to determine which contestant deserves the cash prize, according to TMZ.com.
The actress writes on her Twitter page, "Working on a really great project for television - I am excited! Something meaningful like (reality TV show) Extreme Home Makeover on ABC... :)"
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