Fringe writer Andrew Kreisberg has been tapped to pen the script and executive produce the project, according to The Hollywood Reporter.
Booster Gold is a time-travelling superhero obsessed with fame, riches and corporate endorsement.
The show centres on Michael Jon Carter, a washed-up athlete from the 25th century who uses future technology and knowledge of the past to set himself up as a hero in the present day.
Berlanti Productions is heading the project in association with Warner Horizon Television. Greg Berlanti (Brothers & Sisters, No Ordinary Family, Green Lantern) will also serve as an executive producer.
Booster Gold played a role in the tenth and final series of Smallville.
Actor Eric Marstolf previously said that he would be keen to reprise the role of Booster Gold.
The character currently stars in DC's new Justice League International comic.
Watch the promo from Smallville's season ten episode 'Booster' below: