The iHeartRadio podcast will air live, with the next episode debuting on Monday, Jan. 7. The first episode was released Monday, and there are no limits to the topics up for discussion.
"This show is completely no-holds barred," Pratt, 32, told PEOPLE Monday. "We will talk about anything, from whatever is on TV to what we got for Christmas."
"The show is so good, it's insane," Pratt teased of the reboot. "There's a lot of drama. Wells and I might end up fighting if he takes someone else's side over mine!"
Adams and Pratt only met two months ago, but they instantly connected over their shared history with reality shows.
"I was really surprised how easy it was," Adams, 34, explained to PEOPLE. "For two people who just met, it was really natural. I think we're going to be a really good duo."
"I'm in La La land but Wells keeps it real and tells me what's going on in the world, while I'm in my bubble of reality TV," Pratt added. "I felt such instant chemistry. I had no idea Wells had been doing this for a profession!"
Aside from being a former member of the Bachelor family, Adams is a radio DJ and is dating Modern Family star Sarah Hyland. Since Pratt is so embedded in the reality show world, she did not realize Adams has a radio background. But Adams knew "exactly" who Pratt was as a big fan of The Hills.
"I am obviously a big fan of The Hills and of the Pratt family in general. I was talking about how excited I am and how excited my girlfriend is and she literally had no idea who I was," Adams said.
Pratt has now vowed to go back and watch Adams' season of The Bachelorette. He appeared on Joelle "JoJo" Fletcher's season in 2016 and served as a bartender on Bachelor in Paradise.
Pratt also wants to be "super annoying" about Adams' relationship with Hyland and wants the actress to be her best friend.
Adams recently helped Hyland after the death of her 14-year-old cousin in a drunk-driving accident. He rushed to Instagram to praise Hyland and vowed to help her thought "the darkness."
"This beautiful specimen has had a tough couple of weeks," he wrote on Instagram. "I'm here to remind you [Hyland] that there is light amongst all the darkness. If you ever doubt that, just look at this picture and remember how awesome we are. Throw on some sweats, order some Postmates and put on Home Alone. I'll be home soon."
Photo credit: Instagram/Stephanie Pratt