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September 10, 2018 11:11 AM

Heidi Klum and Tim Gunn are ready for their next adventure.

Speaking to PEOPLE on the red carpet at the Creative Arts Emmy Awards on Sunday, the longtime co-hosts opened up about their exit from Project Runway after 16 seasons.

“We’re like husband and wife,” said Klum, 45. “This was our baby. Our baby is 16 years old now. Our baby can walk and it’s going to walk by itself. And we love our baby — we love our baby and we wish our baby good luck. But now we’re ready to pop out a new one.”

As they announced last week, Klum and Gunn are working to develop, produce and headline a fashion reality series with Amazon Prime Video, and while they don’t have a premiere date yet, Klum said they’re “working very hard right now to get it off the ground as soon as possible.”

“Obviously there is so much involved because it is huge,” she said. “So we want to get it right. It’s the same as when you have a baby — you want everything to be perfect, and nurture it, and feed it the right food and be loving and caring for it. So you can’t just slap that together. So once it’s cooked, we’re going to push it out.”

“Exactly,” chimed in Gunn, 65. “We will bring it out of the oven.”

According to a press release from the streaming giant, the new show “will be a fresh take in the reality space and will appeal to a global audience who are entertained by competition, storytelling, and authenticity.”

“We’re now going global, we’re going around the world,” Klum said Sunday. “Before we were in America, and what is very exciting about this is that people around the world can now see our show — possibly we can have designers from around the world. People can possibly have their clothes in their closets. At Amazon, you lay in bed, you watch your favorite show — hopefully that will be ours. And then you click to the fashion, and then you can possibly have that in your closet.”

“I think this is amazing, not only for the buyers, but also for our designers, because our designers never had that opportunity before,” she said. “And that’s really what you want, you want people to wear your clothes. And now they have the opportunity.”

“Where else can you have Amazon Prime video for us, and then the Amazon fashion platform for the designers, and that full integration?” said Gunn.

“You know what I’m hoping we’re getting out of this? Free shipping for life,” quipped Klum.

RELATED: Heidi Klum Shares the Top 5 Things She Loves About Tim Gunn as They Announce Project Runway Exit

The pair also touched on what makes their partnership so great, with Gunn revealing they are “constantly challenging each other in so many ways.”

“We have total and complete synergy and unanimity,” he said. “But in other ways, if nothing else, we’re a generation removed. So, that helps tremendously, and the gender difference.”

“And I always learn at least five new words a week from you,” added Klum. “I really do.”

As for whether any of their past Project Runway collaborators might join them on their new venture? They don’t know, but they’re not against it.

“We love all the people we’ve worked with in the past,” said Klum.

“We have only the deepest affection for Lifetime,” added Gunn. “They’ve been such a wonderful, wonderful partner and collaborator. That makes us sad, leaving Lifetime.” (The show aired on Bravo for the first five seasons, followed by Lifetime for 11 more, before it was announced in May that it would relaunch on Bravo for the upcoming season 17.)

RELATED VIDEO: Heidi Klum Speaks Out Against Harvey Weinstein as He’s Stripped of Executive Producer Credit on Project Runway

Klum and Gunn aren’t the only ones who will be missing from the lineup when Project Runway returns: Zac Posen has also announced his departure.

“Working alongside Heidi, Nina and Tim as a judge for six seasons of Project Runway was one of the greatest experiences of my career,” the designer said in a statement last week. “I will cherish the opportunity the show gave me to learn from and grow with my co-judges, the producers, crew and designers.”

Runway has led to incredible opportunities and I am currently at work on some new projects that I am very excited to share with you soon,” he continued. “I wish the show and everyone much success always.”

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