The series, titled Lost and Found, is produced by Endemol USA and will be pitched to networks in the coming days, according to the trade paper.
Lost and Found will follow the two as they go to therapy sessions, dates, auditions and family events. Tatum, the youngest Oscar winner ever for her performance in 1973's Paper Moon, has already moved into her father's Malibu, Calif., home as part of the project.
The pair's decision to try to reunite followed the death of Ryan's on-again, off-again partner, Farrah Fawcett, in June 2009.
"Having thought long and hard about exposing our already very public private lives, [we] came to the decision that Endemol is the company that provided the respect and professionalism we were looking for," the O'Neals said in a joint statement.
Besides Fawcett's death, the reality show follows years of personal turmoil for both father and daughter. Ryan, 69, was arrested with son Redmond on drug charges in 2008 and Tatum, 46, was arrested on on a charge of possession of a controlled substance.
Lost and Found marks their first project together since they starred in the films Paper Moon and Nickelodeon together in the '70s. Ryan most recently appeared on 90210, while Tatum competed with Dancing with the Stars.