The Hollywood Reporter announced that the Hugo and Nebula Award-winning fantasy book is currently being adapted for the screen and may go on to become part of the cable network's primetime roster.
It was previously thought that American Gods, which centres on a mysterious ex-convict named Shadow and his adventures following the death of his wife, would be developed into a movie after Gaiman hinted last month that he had sold the rights to the book to an Oscar-winning director.
It has since been revealed that Tom Hanks and Gary Goetzman's production company Playtone is behind the project, though no further information is currently available.
Several of Gaiman's works have already made it to film and TV, including Coraline, Stardust and the forthcoming production of Good Omens.
Gaiman's latest work, the 2008 novel The Graveyard Book, is currently being adapted by Neil Jordan.