An adaptation of the Brian Michael Bendis series was first announced in 2009, but was not picked up and was said to be undergoing reshoots.
Lucy Punch and Khary Payton - who played Deena Pilgrim and Cutter in the original pilot - also departed the project.
However, series creator Bendis recently posted on his Tumblr page: "Based on the pilot, the network ordered a handful of new scripts for new episodes and the writers should be handing them in soon. It's slow and steady but we are still alive."
Producer and writer Charles Eglee also confirmed that Powers is still in active development, during an appearance on the Nerdist Writer's Panel podcast.
"We're actively moving forward with Powers," he said. "It's really about Christian Walker's (Jason Patric) journey. This guy is… sort of The Man Who Fell to Earth.
"He was this Olympian god who had powers and was immortal, and he sort of got thrown out. And now, here he is walking the Earth with mere mortals and trying to put it together."