Ranking the Stars will feature a group of celebrities who will be asked to rank one another on the likeliness they would commit such acts as alerting the paparazzi to their whereabouts or making a sex tape.
Arquette, who has teamed with Merv Griffin Entertainment, would host, while Roy Bank serve as executive producer.
"This show is all about celebrities hanging out for a bit and taking their guard down," Bank told the trade. "David's whole persona is that. His honesty has bled through and it's come back to haunt him a few times. If there was ever a celebrity with a brand that matches the show, it's this."
The concept of the show is based on an Asahi TV format that has sprung multiple shows in countries including the Netherlands, Korea and India, among others.