Izzard is planning to reunite with the broadcaster, who he previously worked with on The Riches.
The comic's new show currently has the working title The Politician and will feature Izzard playing a disgraced ex-congressman, who begins working as a political fixer for hire.
Watch Izzard talking about The Politician:
"It's about an amoral politician. It's about a guy who was a politician who is now a fixer, and he's lost his moral compass," Izzard told Digital Spy.
"It's based on people you've heard of and people who worked for Nixon. They were called 'The Plumbers'. They arranged things, fixed things, set up things, twisted things and bugged things. They twisted things for the Republicans. This guy will just be a freelancer."
Eddie Izzard's Treasure Island is repeated on Sky1 at 4pm on Saturday and Sunday (January 7/8) on Sky1.
> Eddie Izzard 'Treasure Island' interview