Bleeding Cool reports that the proposed miniseries will be written by Darwyn Cooke and drawn by JG Jones.
The website cites a "reliable source" connected to DC Comics as the origin of the news. Both Cooke and Jones have been linked with the project in the past, along with J. Michael Straczynski, Andy Kubert and Brian Azzarello.
DC is said to be planning four Watchmen prequels for 2012. One of the other titles is expected to focus on Nite Owl, the others are currently unknown. Dave Gibbons, artist on the original graphic novel, is expected to have some involvement in the venture.
Watchmen, written by Alan Moore and illustrated by Gibbons, was released between 1986 and 1987. The book is hailed as one of the most influential graphic novels of all time. It was adapted for cinema in 2009, under the direction of Zack Snyder.
DC is expected to unveil the Watchmen prequels in January, 2012.