The two models and reality Tv star Richie have teamed up to launch The Fab, which will cover celebrity news, current events and lifestyle topics, according to Ok! magazine.
Teigen, Richie and Banks shot the pilot for the show last week (ends17Aug14) and they are hoping to premiere it in the near future.
A source tells the publication, "Chrissy & Tyra are all very witty and have no trouble expressing themselves. Plus, they're honest and willing to talk about their own real-life problems - and fans can relate to that."
All three have had experience hosting U.S. Tv shows - Banks fronted her own talk and lifestyle show, Tyra, and oversees America's Next Top Model and John Legend's wife Teigen hosts and judges Tv series Snack Off!
UPDATE: This story originally stated that Nicole Richie was involed with the show. After speaking to one of her representatives it has become clear that this is not true.