The film starred Roselyn Sanchez (Without a Trace) and Nestor Serrano (24) opposite real-life SEALs.
Production studio Bandito Brothers and distributor Relativity Media have re-teamed for the new TV version, Deadline reports.
Act of Valor attracted generally negative critical reviews but opened at the top of the US box office in February, earning $24,700,000 (£15,475,000) in its first weekend.
Relativity's TV division RelativityREAL is also said to be developing TV series based on its other film properties, including fantasy epic Immortals, action movie Haywire and upcoming comedy Movie 43.
The Act of Valor adaptation will be shopped to broadcast and cable networks in the near future.
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Watch the trailer for Act of Valor below: