Deadline.com first reported the news. The Paramount Network did not respond to a request for comment. The new series, which the reports said will include "Yellowstone" in its title, has long been discussed as a possibility following the official end of executive producer and creator Taylor Sheridan's cornerstone series.

See how Rip and Beth's relationship evolved throughout "Yellowstone," and how the series finale set the couple up for a possible spinoff series.

On the heels of the Yellowstone finale, Reilly gave a one-word response that is sure to brighten up fans's holiday season.

A fan asked the actress whether or not the rumours of a Beth and Rip-starring series were true—and she answered right away.

The latest instalment of the hit Western series Yellowstone came to an end earlier this month and one co-star has paid tribute to Kelly Reilly