Ex-MTV executives Tony DiSanto and Liz Gateley are leading the project, and they are currently looking for someone to write the series.
It isn't clear if Scream writer Kevin Williamson and director Wes Craven will be involved in the potential series.
The horror franchise grossed more than $500 million in the global market, with the most recent installment, Scream 4, bringing in $97 million worldwide.
This project is still in early development. Scream was released December 20th, 1996 and stars Drew Barrymore, Kevin Patrick Walls, David Booth, Carla Hatley, Neve Campbell, Skeet Ulrich, Lawrence Hecht, Courteney Cox.
The film is directed by Wes Craven.