Avi Lerner, a producer on the 2008 sequel Rambo, has teamed with Entertainment One and Nu Image for the adaptation.
He said he was “excited by the prospect of collaborating again with my good friend Sly for an encore”.
Talks suggest Sylvester Stallone, 67, will be involved on a “creative level” and may also reprise his original Rambo role.
First Blood (1982), the original Rambo movie, starred Sylvester Stallone as a troubled Vietnam war veteran.
Sequels followed in 1985 and 1988, with the franchise revived 20 years later.
“Rambo fans cover all demographics and we’re confident that we’ll quickly find this series a home,” said John Morayniss, of Entertainment One (eOne) Television.
Last year, Sylvester Stallone told reporters in Rome that he was keen to return to the role for one final big screen outing.
“The Rambo thing, that’s why I don’t retire. I just see a guy unable to go home. He needs war and I see him dying there,” Sylvester Stallone said, in November 2012.
“If my damn body holds up, it’ll be really good. Otherwise it won’t be Rambo fighting, it’ll be Rambo fighting arthritis,” he added.
The 2008 Rambo sequel made more than $100 million at the global box office, but earned mixed reviews.
Sylvester Stallone recently confirmed his appearance in the third film in The Expendables franchise.
Together the first two installments in the franchise have earned almost $575 million worldwide.
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