"Me and David Walliams are working together on a new thing, but it’s not Little Britain," he told hosts Alex Jones and Ronan Keating.
He added: "It's a brand new thing. If anything it’s more of a spiritual successor to Come Fly With Me. It's going to be all new characters.
"But we have literally just begun the process, we are still brainstorming. We know what the concept is but we are now creating the characters."
Lucas and Walliams have not worked on a show together since Come Fly With Me came to an end in 2011, though they joined forces to revive Little Britain for a one-off skit during lockdown.
They also played several famous characters from the music world in a revamp of their show Rock Profile, which aired as part of Comic Relief last year.
Both stars have recently left high-profile jobs, with Lucas stepping down from The Great British Bake Off while Walliams left Britain's Got Talent after a controversial recording emerged in which he made disparaging comments about contestants.
Little Britain aired on the BBC between 2003 and 2007 and featured the two stars as a variety of different characters, purporting to show the population of the UK in all of its comedic glory.
It was hugely successful when it aired, but has since been heavily criticised for its controversial humour and the use of blackface by both Walliams and Lucas.
The programme was removed from various streaming services in 2020 in the wake of increased scrutiny over blackface comedy, but it returned in 2022 after edits were made to remove some offensive scenes.
Lucas has said on numerous occasions that he wouldn't make the show now and sees it as emblematic of a "cruel" brand of humour that is now less popular on TV.
Watch: Bruno Tonioli replaces David Walliams on Britain's Got Talent