Deadline has reported that ‘The Deceived’ comes from All3Media-owned producer New Pictures.
The show has been created by Derry-born McGee and her actor-writer husband Tobias Beer.
It will be set in both Cambridge in England and Co Donegal.
The plot centres on a young English student called Ophelia, who falls in love with her married lecturer, Michael.
However, when their affair results in a shocking and tragic death, Ophelia finds herself trapped in a world where she can no longer trust her own mind.
The Deceived will be produced in association with Irish broadcaster Virgin Media One, which has been rebranded from TV3.
It is understood that Channel 5 will have creative control over the programme.
Writing on Twitter McGee said that she was “very excited” the news about the show was “finally out there”.
The show will represent a return to drama for McGee who has previously created Raw for RTE and written for Being Human and The White Queen on BBC.
Derry Girls, renewed for a third series, has won international acclaim after it hit the television screens last year.