The original movie starred the late Heath Ledger as William Thatcher, a peasant who poses as a knight.
The TV adaptation has been written by Battlestar Galactica's Ron Moore and has been purchased by ABC from Sony Pictures TV, according to Deadline.
The series is expected to mimic both the film's premise - following a young man who impersonates a knight - and its tone, incorporating contemporary rock songs into a historical setting.
A Knight's Tale was a box office success on its original release, making $117 million on a budget of $41m. Rufus Sewell, Shannyn Sossamon and Paul Bettany also starred in the movie, which was written, directed and produced by Mystic River scribe Brian Helgeland.
Last month, it was announced that Sony TV is developing a television adaptation of 1984 film comedy Beverly Hills Cop with original star Eddie Murphy and The Shield creator Shawn Ryan.
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Watch a trailer for A Knight's Tale below: