LiveSide spotted the listings on the Microsoft website for Software Engineers to work on new client applications for the project.
The job specifications specifically refer to a "Cloud TV" service and urge candidates to "get in on the ground floor of an ambitious new project".
The successful candidates would work at Microsoft's Mountain View offices, as part of its Interactive Entertainment Business.
The ad says: "Microsoft's Interactive Entertainment Business is revolutionising entertainment. IEB has a rich set of entertainment offerings from Xbox 360, Xbox LIVE to Zune Marketplace and Mediaroom.
"Our customer base is growing fast and our pace of innovation has been incredible with our latest product Kinect selling over 10 million units since its launch in November of 2010.
"We're looking for a Software Engineer who is passionate about building awesome client applications for a new Cloud-based TV platform."
In terms of the preferred skills and qualifications, Microsoft is calling for candidates with experience of web application technologies, along with mobile and browser application development across iOS, Android and Windows 8 / RT.
Microsoft, which last month launched its own Xbox Music cloud-based service, has not commented on the plans.