The project - titled Para Time - will follow a group that police a number of parallel worlds.
Steve Tzirlin (Star Wars: The Clone Wars) will produce the project, according to The Hollywood Reporter.
In addition to co-creating Life on Mars and its spinoff Ashes to Ashes with Ashley Pharoah, Graham has written three episodes of Doctor Who and produced the short-lived shows Eternal Law and Bonekickers.
Other projects in development at Fox include an adaptation of the graphic novel Headache and two comedy pilots produced by Ryan Reynolds.
> Life on Mars: Tube Talk Gold
Watch a clip from Ashes to Ashes below: