The Wall Street Journal reported that the app, a version of which is being developed for Apple TV, would give a home for both video content and video advertising.
It’s already possible to stream content from the Facebook app to the TV through Google’s Chromecast.
The app is not the only video project the social media giant is working on to bolster its position in the TV advertising market.
Like Twitter, Facebook has also been exploring long form video content, a dedicated app for which would be the perfect vehicle.
Facebook Live, which allows for user-generated content, has been gaining traction among consumers and broadcasters alike.
Earlier attempts to put Facebook into the set-top box failed following the realisation that the one-to-one experience of conversations with friends did not easily transfer to the big screen.