The Oscar-winning actress is a close friend of New York celebrity chef Mario Batali and already has her own lifestyle blog called Goop.
Insiders tell the New York post that the Hearst group, which prints the Food Network Magazine and the Oprah Magazine, is 'intrigued' by the project.
'It is a super-secret project,' one insider told the Post.
Paltrow, 38, is next month releasing a cookbook My Father's Daughter, which has already been sent for a second pre-publication print run.
And she has also teamed up with Batali for her own cooking series on the PBS channel in the US.