The series, with the working title 'American Tabloid,' will journey through the decades and follow events from a weekly publication and enter into a world where political correctness, morals and ethics are firmly left at the door.
The deal, involving London-based Burning Wheel Productions, is expected to be confirmed in the coming weeks and a development schedule will follow.
Shelley Hammond, of Burning Wheel, said: “To do this production justice we always knew we would require writers who don’t hold back and go way further than most would dare.
"We are just beyond delighted that we are ready to agree a deal to make this happen with the incredible talent of Bret and Irvine. This would be the first time the two have collaborated professionally – and with the support to allow creative freedom we are confident spectacular things will happen.”
Irvine Welsh is renowned for his in-depth social narratives and depiction of the darker side of Scottish life, most notably with works such as Trainspotting and Filth.
He will be joined by Bret Easton Ellis, creator of the satirical and black comedy horror American Psycho.
Burning Wheel Productions recently completed feature production Creation Stories – a screenplay by Irvine Welsh and executive produced by Danny Boyle on the life of Scottish music industry executive Alan McGee.