Garry Marshall will write and exec produce Golden Guys alongside his son Scott Marshall, according to The Hollywood Reporter.
The sitcom - which has received a script order from Fox - follows a wealthy man who loses his fortune in a scam and is forced to move back in with his family.
Marshall, 77, also co-created classic shows Mork & Mindy and Laverne & Shirley, and directed such movies as 1990's Pretty Woman and 2001's The Princess Diaries.
His last television project was 1987 NBC sitcom Nothing in Common, based on his 1986 film of the same name.
Earlier this year, Marshall defended the notorious 'Jump the Shark' episode of his show Happy Days, adding that he is happy with the phrase becoming "part of the [television] vernacular".
Other comedy pilots in the works at Fox include a new live-action show from Family Guy's Seth MacFarlane and family sitcom B**tards from Horrible Bosses director Seth Gordon.
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Watch the intro for Happy Days below: