Allen starred in the hit ABC sitcom Home Improvement from 1991 to 1999.
The 57-year-old is now hunting for a new project to stage a small screen comeback for fall 2011, according to Entertainment Weekly.
Allen is said to be taking meetings with writer-producers, possibly including The Office's Greg Daniels.
One unnamed Hollywood manager has claimed that Allen's return to TV "will be huge".
The actor is also known for voicing Buzz Lightyear in the Toy Story movies.