The home remodeling superstars are in talks with the company to launch their own network and streaming service shining a spotlight on their iconic Magnolia brand of home and lifestyle programming and products.
According to Variety, Discovery will relaunch one of its 12 U.S. channels as the couple's new outlet, which will also have its own streaming service. The company will reportedly be relaunching either Great American Country or DIY, which reach about 60 million homes.
"We're excited to share we are in the early stages of talking with Discovery about a lifestyle focused media network for Magnolia," Magnolia spokesman John Marsicano said in a statement. "The details surrounding this opportunity remain a work in progress, but together our hope is to build a different kind of platform for unique inspiring and family-friendly content."
The Gaines became HGTV's most successful stars from the success of their reality series Fixer Upper, which ran from 2014-2017. The show finished as the couple prepared to welcome their fifth child, Crew.
"Discovery is thrilled to confirm that we are in exclusive talks with Chip and Joanna Gaines," Discovery said in a statement. "The Gaines' are exceptional people, true authentic storytellers and creative visionaries who will nourish millions of people with quality, family-friendly programming accessible on a 24/7 network and across all screens."
Chip and Joanna first discussed their exciting new endeavor while visiting the Tonight Show with Jimmy Fallon on Friday night.
"We signed a non-disclosure and it said quote unquote you can tell your mother, but that's it," Gaines said. "So mom, I just wanted to make a quick announcement, we are coming back to television. You are going to get to see the kids grow up, you are going to see us — well maybe a six-month delay like the rest of the world — but we are excited to be back."
Chip had previously teased the news of their partnership in a recent interview.
"We never rule anything out," he told PEOPLE. "The show was amazing and we are so thankful for it, but it's also a whirlwind where, if you are not careful, it will flat run you over. You can't believe how out of gas you are."
Discovery reportedly has been active working to retool underperforming channel in the U.S. Nabbing the Gaines family, and the Magnolia brand, for its new network will certainly expand their reach for lovers of lifestyle, food, design and how-to television.
The Gaines run several Magnolia-branded businesses out of their Waco, Texas home base, including furniture and decor shop and a new restaurant.