The untitled sitcom will star Tony Danza, best known for appearing in ABC's Taxi and Who's the Boss?
Based on an idea by Danza, the show will focus on three old friends who have drifted apart, reports Deadline.
Determined to start over in life, the three men - all grandfathers - move into a bachelor pad.
"It's intended to be a funny and honest comedy about getting older, generational differences, and the message that it's never too late to start a new chapter in life," said 61-year-old Danza.
A search is currently ongoing for a writer, while Danza will executive produce alongside Vaughn.
The Dilemma star Vaughn is also developing a new television drama about global private security operatives with Boardwalk Empire's Lawrence Konner.
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