The project, which is allegedly an attempt to rival ABC's The View, was first announced in April.
Entertainment Weekly reports that CBS has now decided to order the programme for the fall season.
Chen, who hosts Big Brother, will be joined by Sharon Osbourne, Sara Gilbert, Holly Robinson Peete, Leah Remini and Marissa Jaret Winokur on the panel. The women are expected to discuss topical issues from a mother's point of view.
The show will also feature interviews with entertainers and people in the news.
"Daytime is an evolving daypart with more variety now among soap operas, game and talkshows," CBS's senior vice-president of daytime Barbara Bloom said. "We are looking for a new format that would speak to the core audience but also have the topical and entertainment value to go even broader.
"This panel is not a bashful bunch - they are outspoken on any issue you put on the table. It promises to be an hour of television with timely discussions, unfiltered opinions and a lot of personality."
The programme will replace soap As The World Turns, which was cancelled last year.