The Australian television presenter and journalist, who currently co-hosts the Today show with Lisa Wilkinson, is believed to be in talks with Nine Network bosses along with TV star Leila McKinnon.
According to The Daily Telegraph, the show will feature a studio audience putting questions to a panel of experts. Each episode will apparently have a theme such as sport.
Nine refused to disclose details of the show or if Stefanovic and McKinnon have been confirmed as hosts.
It was first reported that Stefanovic would be quitting breakfast television in January, when possible replacement for him inluded Ben Fordham and Michael Usher.
Earlier this week, he joined forces with rival presenter David Koch to defend their style of coverage of recent world disasters. Stefanovic said: "The way our show evolves is to reflect what people want and when there's a big story people want information and they want it first thing when they wake up in the morning."