Hollywood bosses are said to have met this week to discuss the return. Sarah Jessica Parker apparently agreed to produce the show.
The actress, who starred as Carrie Bradshaw in the HBO series from 1998 until 2004, was allegedly reluctant to make another film after the lukewarm reception the Sex and the City 2 movie received.
"Ultimately Darren Star - the man who created the hit series - will have the overall say, but everyone is agreed a TV show is the direction they want to take the franchise in," a source told The Mail On Sunday.
"Sarah Jessica Parker will be producing. She was worried about doing another film after the bad reaction to the Sex and the City 2 movie, but a TV show is definitely something she wants to happen."
The news means that plans for a Sex and the City 2 prequel following the early lives of Carrie, Charlotte, Samantha and Miranda have now been put on hold.
Elizabeth Olsen had been linked to the role of Carrie, Blake Lively was rumoured to be playing Samantha and Selena Gomez was tipped to star as a young Charlotte. Actress Emma Roberts had also been lined up for the role of Miranda.
"But they want to make the TV series before doing another film," the insider added.
Parker recently admitted that she still suffers from severe anxiety while on film sets.