The sitcom comes from 'Friends' co-creator Marta Kauffman, and is about two long-time rivals who are stunned when their husbands declare their love for each other, reported to The Hollywood Reporter.
Sheen has been cast as Fonda's on-screen husband in 'Grace and Frankie'.
The 73-year-old actor won a Golden Globe Award for his portrayal of President Josiah Bartlet in 'The West Wing'.
He has also recently appeared in his son Charlie Sheen's comedy series 'Anger Management'.
'Grace and Frankie' has been granted a 13-episode first season by Netflix.
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