The reality TV personalities were seen at the W Hotel in London's Leicester Square discussing plans for the spinoff programme last week, The Sun claims.
"Sam and Joey were talking about how they were going to do their own spinoff show and how they'd love it to be on ITV2," a source is quoted as saying.
"Joey said he thought Sam would be perfect starring in her own show, and that people would finally get to see her funny side."
The insider also added that Faiers is reluctant to "come across as stupid" in any spinoff show, but added that the pair "both seem very excited" by the idea.
Essex's manager has denied any concrete plans for a spinoff, saying: "There is nothing official being discussed yet and there are no plans for Joey to go anywhere at the minute. But the guys may chat about ideas they have."
A number of previous The Only Way Is Essex cast members have gone on to launch their own spinoff programmes, most notably Amy Childs and Mark Wright.
Wright has appeared on Daybreak, I'm a Celebrity... Get Me Out of Here! and Take Me Out companion programme Take Me Out: The Gossip since leaving The Only Way Is Essex.
He recently launched a new reality show, Mark Wright's Hollywood Nights.
Childs appeared on Channel 5's first series of Celebrity Big Brother and also filmed a reality show entitled It's All About Amy for the channel.
She is reported to be working on a new programme with her cousin and one-time fellow TOWIE cast member Harry Derbidge based on Paris Hilton and Nicole Richie's The Simple Life.