The Oscar winner is working with cable network Showtime on the project, Deadline reports.
De Niro directed the original Good Shepherd movie and also starred in the film as General William 'Bill' Sullivan.
The spy drama, loosely based on real events, focused on the birth of counter-intelligence in the CIA and also starred Matt Damon and Angelina Jolie.
The film's writer Eric Roth will adapt the movie for television, with De Niro also expected to return to the director's chair in his television directing debut.
Back in 2010, De Niro voiced his desire to direct two film sequels to The Good Shepherd. However, the Showtime project is now thought to have taken precedence over any possible movie follow-up.
> Diane Keaton: 'Robert De Niro intimidated me'
> Raging Bull 2 forced to change name to The Bronx Bull
Watch the trailer for The Good Shepherd below: