"It's called Dropped ... I'm starting to shop it now," the Idol judge toldNew York Magazine on Tuesday.
"It takes the best acts that have been dropped and gives them a second chance. You look at Katy Perry, the Jonas Brothers, Alicia Keys, and Lady Gaga, they all have one thing in common: They've all been dropped from their labels."
DioGuardi added that the show's subject matter is something that's personal to her.
"I was dropped," she told New York Magazine. "Think about how many times in your life you haven't achieved one goal, but you've achieved another one."
Since Dropped is still being developed, DioGuardi said she's unsure if she'll host the series if and when it finds a home.
"Oh, my God, now we're getting into particulars," she told New York Magazine. "All right, maybe! I shouldn't have opened my big mouth."