Last year's television miniseries Paper Giants: The Birth of CLEO profiled magazine editor Ita Buttrose (Asher Keddie) as she launched Cleo magazine in the 1970s with Kerry Packer (Rob Carlton).
A follow-up focusing on rival magazine editors Dulcie Boling and Nene King during the 1990s is now said to be in the works at production company Southern Star under the title Paper Giants: The Magazine Wars.
Boling and King were formerly colleagues at New Idea magazine, but became rivals when King moved to Woman's Day.
The ABC has not commented officially, but production sources confirmed details of the project with the Sydney Morning Herald following an initial report on Melbourne's Fairfax Radio.
The Nine Network is working on a spinoff from Paper Giants centred on Packer, with Lachy Hulme cast as the media tycoon.
Paper Giants star Keddie has been nominated for the prestigious Gold Logie award in recognition of her work on the show and on Offspring.
The winner will be revealed at the annual TV Week Logie Awards this Sunday (April 15).
Watch a TV spot for Paper Giants: The Birth of Cleo below: