The voice actress, who plays Lois Griffin, is developing the new project for Fox alongside Family Guy creator Seth MacFarlane.
"It's me and Seth, and another producer named Gary Janetti," she told Digital Spy. "We're kind of raring to go and just waiting to get the green light to start setting up and writing - so it's very exciting!"
Borstein also revealed that the new show will feature a female lead character.
"It has a family and the central character is a female character, which is something different for Fox, and for Seth, and for everyone!" she said. "I think that the last female-centred animated show that I can remember was [MTV's 1997-2002 cartoon] Daria."
Borstein also told DS that she expects Family Guy to run for "four or five more years".
The star added that she would love to be involved in a film version of the long-running animated sitcom.
Family Guy continues on Sundays at 9/8c on Fox.
> Read Digital Spy's full interview with Alex Borstein
Watch a behind-the-scenes Family Guy video below: