Stewart will be the executive producer and co-writer of the series, which will star Stephen Colbert, a writer and correspondent on "The Daily Show."

"This is a coup for NBC to be in partnership with such clever and creative writer-performers as Jon and Stephen," Jeff Zucker, NBC entertainment president, said Monday. "I can't wait to see the finished product."

Stewart joked that the show will incorporate everything that's been successful for the network in the past.

"We were just thinking about what would happen if a gay man and a straight woman lived together in a bar in Boston and ate spiders for $50,000 every episode," the 40-year-old comedian told Daily Variety. "Before it's over, Stephen could end up helming a genial black family. He could be the next Cosby."

Stewart will continue to host "The Daily Show," the satirical news program that won a Peabody Award and an Emmy last year.