According to The Sun, the forthcoming programme will see the pair searching the UK for the right man to replace Charlie Simpson, who quit the boyband in 2005.
It is thought that Willis and Bourne had originally hoped to reunite with Simpson, but he remains committed to his new group Fightstar.
A source said: "Matt and James are determined to get the band back together but have realised there is no way to change Charlie's mind. So instead they are planning a reality TV show. It will be a documentary following them up and down the UK in their search for a third man.
"The series will then climax with a live arena event, which fans will be able to buy tickets for. If the show sparks enough interest they'll take themselves out on a wider UK tour."
Willis has previously told his Twitter followers that Busted have "unfinished business".