The duo are keen to reform the band - whose hits include 'Year 3000', 'What I Go To School For' and 'Crashed The Wedding' - and wanted fellow member Charlie Simpson to join them, after he walked out five years ago.
However, Charlie doesn't want to leave his new band, Fightstar, so Matt and James will turn to the TV cameras in their quest to get a third member.
A source said: "Matt and James are determined to get the band back together but have realised there is no way to change Charlie's mind. So instead they are planning a reality TV show. It will be documentary following them up and down the UK in their search for a third man."
The show will end with the new line-up performing a one-off gig, with hopes it will lead to bigger and better things.
The source added to The Sun newspaper: "The series will then climax with a live arena event, which fans will be able to buy tickets for. If the show sparks enough interest they'll take themselves on a wider UK tour."
The group split in 2005 and Charlie has had success with Fightstar, Matt has become a TV presenter and James went to Los Angeles to try and make it as a songwriter.