The actors, who are series regulars on the second season of the network's Marvel series, are finalizing deals to topline the currently untitled spinoff as their characters Bobbi Morse (Palicki) and Lance Hunter (Blood).
ABC had no comment.
"SHIELD" executive producer Jeffrey Bell and writer Paul Zbyszewski are teaming on the project. The spinoff will not receive a backdoor pilot in the current season of "SHIELD," but relevant plot elements will drop in upcoming episodes.
The characters are ex spouses and have been involved in a storyline in which they share a secret plan involving Nick Fury's toolbox, not yet revealed to the audience or other characters on the current season.
This potential spinoff would follow Marvel's "Agent Carter," which premiered eight episodes in January to an underwhelming average rating of 1.5 in the 18 to 49 demo, with 5.02 million total viewers. "Agent Carter" was a critical darling, however, which may bode well for a second project.
For its part, "Agents of SHIELD" hit a series low in March, bringing in a 1.4/4 and 3.7 million viewers.
ABC is also in development with John Ridley on a separate Marvel series, featuring a character not yet revealed.
Palicki, also known for "Friday Night Lights," is represented by WME and Anonymous Content. Blood is repped by Curtis Brown in the UK and ICM.