The project - written by Byron Balasco (FlashForward) - focuses on two rival families from Venice, California.
As in the original Shakespeare tale, the feuding clans find their rivalry complicated by a forbidden and dangerous romance, according to Deadline.
The potential series has received a pilot commitment from ABC, with Warner Bros. Television set to produce.
McG - known for directing such films as 2001's Charlie's Angels and 2009's Terminator Salvation - currently serves as exec producer on The CW's Supernatural and Nikita.
He is currently developing Fox drama pilot Guilty for the 2012-13 television season. The legal thriller stars Cuba Gooding Jr as an attorney who is framed for a crime and stripped of his licence.
> Cuba Gooding Jr pilot Guilty adds Jay Harrington
> Eva Amurri Martino joins Cuba Gooding Jr in Fox pilot Guilty