Written by Randi Barnes, "Happy Time" is described as a comedy about a woman (Menzel) in the public eye who's "ready to stop pretending she's so damned happy all the time."
DeGeneres and Jeff Kleeman of A Very Good Production will executive produce alongside Barnes. The project is expected to be taken out this summer.
Menzel currently stars in her Tony-nominated turn in Broadway's If/Then. She won the Tony Award for her performance in Wicked and will perform the National Anthem at this year's Super Bowl.
