The Frasier actor and Bad Boys star would play the lead roles in the "odd couple" sitcom, Deadline reports.
The Lionsgate TV project is expected to begin hiring writers and meeting with potential showrunners in the near future.
The in-development series was reportedly inspired by a November meeting between Grammer, Lawrence and Lionsgate, during which the two stars displayed "great chemistry".
Grammer is best known for playing Frasier Crane on sitcom Cheers and its hit spinoff Frasier. His most recent role was in Starz drama Boss, which was axed in November.
Lawrence is primarily a movie actor, having appeared in the Bad Boys and Big Momma's House films. He also starred in Fox sitcom Martin between 1992 and 1997 and was developing a cop comedy pilot at CBS earlier this year.
> Kelsey Grammer develops NBC crime drama Pariah
> Martin Lawrence developing two sitcoms at CBS
Watch a trailer for Kelsey Grammer's axed show Boss below: