Sources told The Hollywood Reporter that the deal is not finished yet.
It's also not clear when the show would air, since ABC already has Jimmy Kimmel Live! on late night and a slate of daytime talk shows, including The View and The Chew.
The series will be inspired by Baldwin's WNYC radio show Here's The Thing With Alec Baldwin. The 59-year-old Baldwin has been hosting the show, which includes interviews with celebrities and other newsmakers, since 2011.
Page Six reports that the talk show falls under a two-year first-look deal Baldwin signed with ABC over the summer.
As Variety reported at the time, the deal means Baldwin's El Dorado Pictures will develop projects with ABC Studios. El Dorado development executive Mallory Schwartz will oversee the projects and Baldwin will executive produce.
Baldwin also agreed to host a third season of Match Game, which returned to the network in 2016.
Baldwin is an Oscar-nominated actor for his performance in 2003's The Cooler, but he's better known for his role as NBC chief Jack Donaghy on Tina Fey's 30 Rock. The role earned him three Golden Globes and two Emmys. He also won an Emmy this past summer for playing President Donald Trump on NBC's Saturday Night Live.