1600 Penn will focus on the commander-in-chief and his dysfunctional family, according to The Wrap.
Modern Family writer Jason Winer has co-created the show alongside actor Josh Gad and Jon Lovett, a former speechwriter for President Barack Obama.
Winer will also direct the project, which has received a put pilot commitment. The decision means that the network will pay a substantial sum if the pilot does not air, increasing the odds that it will be picked up.
Twentieth Century Fox Television will produce 1600 Penn.
South Park creators Trey Parker and Matt Stone previously created White House-set comedy That's My Bush! back in 2001.
Other comedy projects currently in development at NBC include hip-hop comedy Mixed Blessings from musician John Legend and a sitcom from Ellen DeGeneres and Portia de Rossi.
A family sitcom starring Snoop Dogg, a karaoke-themed series from Maroon 5 singer and The Voice judge Adam Levine, and a new show from Will & Grace star Sean Hayes are also in the works.
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