The stars first hit the big screen together in 1980's 9 to 5 and now they are teaming up for the comedy series, which is set to premiere next year (15), according to The Hollywood Reporter.
Netflix chief content officer Ted Sarandos says, "Jane Fonda and Lily Tomlin are among the funniest and most formidable actresses ever and it's an incredible privilege to give them the opportunity to run riot on Netflix.
"The show created for them... is warm, very funny and anything but wholesome. We can't wait."
The 13-episode series, which Fonda and Tomlin will also executive produce, will centre on two rivals who are forced to become friends after their husbands announce they are in love and are planning to marry.