The ITV project Take The Lead will see celebrities and their pets perform stunts and routines in front of a live audience, according to The Sun.
Following Ashleigh & Pudsey's win on Britain's Got Talent earlier this year, Ashleigh Butler will appear as a judge.
Britain's Got Talent judge Alesha Dixon will apparently host the show.
The show will reportedly be a one-off special airing in the ITV1 Christmas schedule. It is currently unclear whether Cowell will appear as a judge or not.
A friend of Cowell's said: "Simon is very excited about this show. It's no secret that he loves dogs."
A similar dog talent show - Top Dog Model - has already aired on ITV2, with Stacey Solomon and Ashleigh & Pudsey involved.
Cowell is also said to be working on a new technology-themed talent show with will.i.am.