The Peep Show and Fresh Meat creators have written a spoof of Dynasty-style shows starring Olivia Colman, Julia Davis and Sharon Horgan, who also worked on the idea, Chortle reports.
Bain and Armstrong quipped: "We've always wanted to write a show with poisonings, death threats, extreme psychological pain and big hair.
"With the help of the amazing cast we're hoping it might be what everyone in UK television has been waiting so long for - [1976 documentary] Grey Gardens, the sitcom."
Commissioning editor Nerys Evans added: 'We're so delighted to have three of the country's funniest comedy actresses come together on this glorious project.
"It's beautifully written by Sam and Jesse, who are without a doubt the hottest comedy writers in the UK right now.
"If that mix of comedy talent wasn't tantalising enough, it's also directed by Ben Palmer, fresh from the record-breaking Inbetweeners Movie."
Other stars in the pilot include Harry Potter actor David Bradley, Peter Serafinowicz and Reece Shearsmith.
Last month it was confirmed that Channel 4 had renewed Fresh Meat, which stars Jack Whitehall and Joe Thomas, for a second series.