According to Deadline, the actor may star in a sitcom from Cougar Town writer Sam Laybourne about a single father with an illness.
The project is apparently being eyed by several major networks including NBC, CBS, and ABC.
Fox rose to fame in the early 1980s with his role on the family sitcom Family Ties.
He later went on to star in the acclaimed comedy Spin City, but left the show after he was diagnosed with Parkinson's disease.
Since then, Fox has made appearances on Scrubs and most recently on HBO's Curb Your Enthusiasm, for which he earned an Emmy nomination.
There is no word yet on when the proposed new sitcom will go into production.
Watch a clip from Family Ties featuring Michael J Fox below: