The pair are collaborating with OneStar Foundation and plan on contributing $36 million to the account.
Donations can be made to www.rebuildtx.org or by texting "rebuildtx" to 91999.
Michael Dell, the founder and CEO of Dell Technologies, is a native of Meyerland in the Houston area. The Michael & Susan Dell Foundation is headquartered in Austin with satellite offices throughout the world.
"The Rebuild Texas Fund will be a partnership among rally companies, community leaders and individuals to work alongside state and federal officials to provide an official source of funding and ideas for recovery and rebuilding," Dell said.
Gov. Greg Abbott joined the Dells on the morning show to laud their efforts.
"Over the past week we have seen Texans and Americans come together to assist in the relief and recovery efforts and I have no doubt that this generosity will extend to this fund," Abbott said. "I thank Michael and Susan Dell for their commitment to the State of Texas and to all those affected by Hurricane Harvey."