The pair are working on Midnighters, a new series based on a fantasy sci-fi trilogy by Scott Westerfield. It tells the story of a group of inviduals who were all born at midnight and who have access to a secret 25th hour of the day.
The show has been picked up by Fox, Deadline reports.
Fedak will write the script while Schwartz will produce the show alongside Warner Bros Television and Alloy Entertainment.
Chuck ended in January after five seasons.