The format could include talk-show-style or documentary productions. Once finalized the former president and his wife, Michelle, will be involved in producing a series of shows for Netflix. Netflix declined to comment, and representatives for the Obamas did not immediately respond to request for comment.
The NY Times says the proposed and not-yet-final deal would have the streaming content giant paying the Obamas for exclusive content to be shared out to their 118 million (and growing) worldwide customer base.
Netflix told the BBC it had no comment to make about the reports.
"President and Mrs Obama have always believed in the power of storytelling to inspire", he told the paper.
Under one proposal, the shows could focus on significant public-policy topics, including health care, voting rights, immigration, foreign policy and climate change.
Those topics comprise portions of the legislative agenda he exercised during his time in the White House - many of which President Donald Trump has sought to roll back since he took office. Throughout their lives, they have lifted up stories of people whose efforts to make a difference are quietly changing the world for the better.
Mr Obama already connects directly to an audience through social media.
Schultz said the couple continues to explore new ways to help others share their stories. He has more than 100 million twitter followers and his Facebook page has been liked by 55 million users. The two have recently launched their respective memoirs alluding to their two-term period at the White House, and reportedly received an estimated $60 million for their work.