Based on the book Big Little Lies by Liane Moriarty, it tells of three mothers with children in nursery school who get caught up in a murder mystery.
The actresses will play two of those women, whose seemingly perfect lives unravel during a school fundraiser.
Reese Witherspoon and Nicole Kidman will also co-executive produce alongside David E. Kelley.
The third role has yet to be cast.
Reese Witherspoon and Nicole Kidman’s respective production companies, Pacific Standard and Blossom Films, had originally optioned the rights to the Australian author’s book earlier this year as a feature film.
According to The Hollywood Reporter, the comedy drama is being shopped to US cable networks and streaming services like Netflix as a “limited series”.
Although it could run as a one-off, a limited series still offers the opportunity for a show to be renewed for further episodes if it goes down well with viewers, like CBS sci-fi drama Under The Dome.
Reese Witherspoon last appeared on TV in 2000 in sitcom Friends, guest-starring as Jennifer Aniston’s on-screen sister Jill. She has also voiced characters in animated series King of the Hill and The Simpsons.
Nicole Kidman appeared in a number of Australian TV series at the start of her career including A Country Practice and Five Mile Creek.
She starred in TV movie Hemingway and Gellhorn alongside Clive Owen in 2012, which earned her a best actress Golden Globe nomination.
Reese Witherspoon and Nicole Kidman are the latest A-list stars try their hand at the small screen, joining the likes of Kevin Spacey, Billy Bob Thornton, Halle Berry, Martin Sheen, Alec Baldwin and, for one season only, Matthew McConaughey and Woody Harrelson in True Detective.
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