The Obamas have talked about producing shows that highlight inspirational stories, sources told the New York Times.
According to the paper, the number of episodes and format of the shows is yet to be decided and Mr Obama does not intend to use the programmes to directly respond to criticism by his successor, Donald Trump, or other political opponents.
Mr Obama appeared in the debut episode of David Letterman’s Netflix series, My Next Guest Needs No Introduction, which began on the streaming service in January.
Should the Obamas secure their own series it would given them a platform to reach an audience of nearly 118 million Netflix subscribers.
Mr Obama’s senior adviser, Eric Schultz, told the New York Times: “President and Mrs Obama have always believed in the power of storytelling to inspire.
“Throughout their lives, they have lifted up stories of people whose efforts to make a difference are quietly changing the world for the better.
“As they consider their future personal plans, they continue to explore new ways to help others tell and share their stories.”
A production accord with the Obamas would be another high-profile coup for Netflix, which has struck agreements with mega-producers Shonda Rhimes and Ryan Murphy in recent months.
The streaming-video giant, with 118 million subscribers worldwide, is spending $8 billion this year alone to add to its library as suppliers like Walt Disney Co. prepare to remove their shows and movies from the service.
Netflix declined to comment.