Written by author Terry Brooks, the book franchise began in 1977 with The Sword of Shannara and is set hundreds of years after the destruction of human civilisation.
Sonar Entertainment has now acquired the rights and has teamed with Farah Films to produce a television adaptation, Variety reports.
The show's potential first season would be based on Brooks's second novel, The Elfstones of Shannara, first published in 1982.
Brooks himself will executive produce, with a showrunner and a director to be hired before the project is shopped to US networks.
"Partnering with Sonar Entertainment and Farah Films on adapting the Shannara saga for television is an exciting prospect," said the writer.
"Everything about both companies suggests the result will be one that both old and new fans of the books will readily embrace. I am committed to doing everything I can to help make this happen."
A movie adaptation of the Shannara series was previously in the works, with Warner Bros having purchased the film rights.
> Darkover novels to become TV series
> Game of Thrones season three to be 'more cinematic', says writer