Schwartz's Fake Empire production company under Warner Bros has finalised the rights to the show, although no US networks are yet attached, reports New York Magazine.
UK Misfits creator Howard Overman will join the US version.
Overman will collaborate with Schwartz in writing a translation for the US audience. He also will serve as an executive producer.
Misfits focuses on a group of young adults on community service in London, who receive supernatural powers after getting caught outside during an electrical storm.
The show's third series will air on October 30.
According to the reports, Misfits garnered attention from the American viewers when Hulu started streaming its first season.
Last year, Overman admitted that he was unsure if the British take on the superhero genre would translate to America.
UK Misfits executive producer Murray Ferguson, however, has said that he isn't worried by the poor reception of the US version of Skins, which was dropped after one season by MTV.
Watch Misfits producers Petra Fried and Murray Ferguson discuss the show's future with Digital Spy below: