According to Variety the project has been in the works for more than a year, with NBC aiming for a late May premiere date.
Michaels will also be executive producer with "Late Show with David Letterman" alum Matt Roberts producing alongside Erin David, Rudolph and Short.
NBC have confirmed that the series has been ordered, but details about the number of episodes and format are still being ironed out.
The project has the working title of "Maya and Marty in Manhattan" and it is expected to air live from NBCs '30 Rock' headquarters in New York.
In May 2014 Rudolph hosted a one-off special for NBC, "The Maya Rudolph Show", which was said to be a trail run for the series.
The 43-year-old "Bridesmaids" star is known for her wide array of musical impersonations of artists ranging from Jennifer Lopez to Beyonce.