With the working title 'FW Boutique' the show will see the girls battling it out as they compete in the fashion world to run their own boutiques for three months. At the end of the series whichever wag makes the most cash, wins.
Charlotte Meares, Jermaine Defoe's girlfriend and George Best's ex-wife Alex have agreed to be on the show.
Coleen McCoughlin, Wayne Rooney's fiancee, Steven Gerrard's fiancee Alex Curran, Theo Walcott's girlfriend Melanie Slade and Joe Cole's girlfriend Carly Zucker are among the other wags that have been approached.
Any profits made by the girls' boutiques will go to charity. Production company Off The Radar has developed the concept and is now said to be in a bidding war with three broadcasters.
Filming of the ten hour-long episodes begins in August so the wags can go to Milan fashion week to choose stock.
The wags love of shopping and fashion is well reported, particularly their recent shopping antics in Germany's Baden Baden, where the England team were staying, with rumours of McLoughlin spending £900 in just ten minutes on Gucci, Dior and Dolce & Gabbana.
An insider said: "If the girls can spend £1m in Baden-Baden, we can't wait to see what they will do with their own shops."
One who might not be appearing is Ashley Cole's fiancee and Girls Aloud star Cheryl Tweedy. Earlier this week she launched an attack on her fellow wags describing them as "materialistic" and attempted to distance herself from them.
Tweedy said: "I'm not going to quit the band and sit around in the sun all day or go shopping with Ashley's plastic."
However, Tweedy admitted that she uses Ashley's credit card while having her own as back-up.
Its not only their shopping habits that have made the headlines since the start of the World Cup.
The wags' forays into advertising, including McCoughlin becoming the new face of Asda and LG Mobile, and Tweedy becoming the face of Coke Zero, have kept them in the limelight.
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