The network is close to signing a deal with production company Weinstein Co, Deadline reports.
The drama, based on the 2002 book, is described as "a satiric look at upper-class Manhattan society" from the point of view of the nannies working in that world.
Ryan Seacrest, who already works behind the scenes on reality shows such as Keeping Up With The Kardashians and Food Revolution, will executive produce.
Meanwhile, the show's script is being written by Amy Sherman-Palladino, who previously worked on Roseanne and Gilmore Girls. Sherman-Palladino recently began developing a show for The CW but it was not picked up.
The Nanny Diaries has already been adapted into a 2007 movie starring Scarlett Johansson, Laura Linney and Chris Evans.
ABC is also thought to be working on a television adaptation of recent movie The Lincoln Lawyer.