The pair will co-write the new comedy, which is being produced by ABC Studios, according to Deadline.
ABC Studios is expected to co-produce the project with Brillstein Entertainment Partners. The two corporations previously worked together on Belushi's ABC sitcom According To Jim, which ran from 2001 to 2009.
Like his previous show, Belushi's new sitcom is also expected to air on ABC, though the potential series will also be pitched to other networks.
Belushi recently starred in CBS comedy-drama The Defenders alongside Jerry O'Connell, but the series was axed after just one season.
The comedian and actor has also appeared in such films as 1986's Salvador, 1988's Red Heat and 1989's K-9.
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Watch a clip from Jim Belushi's According to Jim below: