The ITV1 programme will see the likes of Rio Ferdinand, Wayne Rooney and Mario Balotelli play jokes on their fellow players, the Sunday Mirror reports.
Titled Euro Wind-Ups, the show will be aired in June alongside England's European Championship games in Poland and the Ukraine.
Producers are said to be "pulling out all the stops" to secure the biggest names in football to feature in the primetime programme.
Ferdinand could lead the pranks after starring in Rio's World Cup Wind-Ups back in 2006.
"This has the potential to be absolutely massive," a source told the paper.
"A good prank is part of the dressing-room culture in the British game, so footballers are more than qualified to star in the show."