Menzel, 43, who last appeared on the small screen in 'Glee', could return to TV with the single-camera show 'Happy Time', reported Deadline.
'Happy Time' will follow Menzel's character as she makes the decision to stop faking her happiness all the time.
The project will be written by Randi Barnes (Girl Meets World) and executive produced by DeGeneres and Jeff Kleeman.
However, 'Happy Time' will not be pitched to networks until the 2016-17 TV season.
Menzel - who is currently starring on Broadway in 'If/Then' - will sing the national anthem at this weekend's Super Bowl XLIX.