Sense8 - an hour-long drama - is currently being pitched to a number of networks, though the show's premise remains a secret, Variety reports.
Andy and Lana Wachowski have penned three scripts for the series and also plan to direct several episodes. The pair will also serve as co-showrunners on the project alongside Straczynski.
The team behind Sense8 are said to be looking for a multi-episode pick-up from any potential outlet, rather than a pilot order.
The Wachowskis' next project is sci-fi film epic Cloud Atlas starring Tom Hanks and Halle Berry. The siblings are also known for the Matrix film trilogy and 2006's V for Vendetta.
Straczynski created both Babylon 5 and its short-lived spinoff Crusade and contributed to the script for Marvel blockbuster Thor.
> Ben Whishaw: 'Cloud Atlas is a massive experiment'
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Watch the trailer for Cloud Atlas below: