Multiple sources with knowledge of the series confirmed to ET on Tuesday that the show is happening, with crews heading to Mykonos this week to begin pre-production.
Described as "a more glamorous Vanderpump Rules," sources tell us the series will focus around a group of individuals who work at the actress' beach resort property, Lohan Beach House.
Bunim/Murray Productions, the same production company that produced Living Lohan and currently produces Keeping Up With the Kardashians, is behind the project that will air on MTV at a later date, the sources add, with filming scheduled to begin next month for approximately five weeks.
According to one source, the 32-year-old actress "has a lot of control with the project and "will be doing a lot of delegating for the series." All sources tell ET that Lohan will also be on camera.
Lohan said in an interview with The New York Times last month that she had plans for a reality show centered around one of her Lohan clubs. She recently opened a beach club in Mykonos, with plans to open another in Rhodes.
"There's a business side to my life now, but I'm not in America, so no one knows about it, which is nice for me," Lohan, who has been living overseas in Dubai, explained. "Because I get to actually focus on the result of things."
ET has reached out to Lohan, MTV and Bunim/Murray Productions for comment.