Gun Machine follows a New York detective who discovers a stash of guns and follows each weapon back to a different unsolved murder.
The TV version will be adapted from Ellis's novel by Dario Scardapane (Trauma) and produced by 20th Century Fox TV, according to Deadline.
"Chernin and Fox pursued Gun Machine with great passion and intelligence, and I couldn't be happier to be making this show with them," said Ellis, who will executive produce.
The Gun Machine novel will be published in January by Mulholland Books, with the TV adaptation in the works as part of Fox's 2013-14 television season.
Ellis's graphic novel RED was previously adapted into a hit film, with a sequel expected to enter production in late 2012.
> Captain America actor Neal McDonough in RED 2 talks
> Anthony Hopkins in talks to join RED 2
Watch the trailer for RED below: