According to ESPN, original game creator Mark Turmell will oversee development of the new version from EA's Vancouver studio.
Speculation about NBA Jam's potential return first surfaced last month when EA Sports community manager Alain Quinto tweeted that the firm was preparing to unveil a new game.
After first launching in US arcades in 1993, NBA Jam went on to become a worldwide phenomenon for its over-the-top, two-on-two basketball packed with special moves and effects.
Turmell said that the title smashed all spending records for an arcade game and still holds the mark for the most money earned at a single location in one week.
"There was so much four-player action at this one arcade in Chicago that the first week they had to shut the arcade down because there was a huge fight over whose turn it was to play," he said.
"There was so much money coming in, they had to change the coin-box every day. It was crazy."
The game was later released on the Super NES and Sega Mega Drive consoles, along with the Game Boy and Game Gear handhelds.
No further details are known about the Wii version, but an official announcement is expected from EA Sports before the end of the month.