The adventure series will follow a team of former special forces operatives who are betrayed and seek revenge on the people who murdered their friends.
Morgan developed the idea for the show alongside Twilight producer Temple Hill, with Body of Proof's Katz joining the project at a later stage, according to Deadline.
Katz's previous credits include NBC's short-lived Awake and sci-fi show The Event, while the series is the first television project for Morgan, who recently completed work on the script for Fast and Furious 6.
Other pilots in development at ABC include erotic thriller Dress to Kill, an adaptation of Heath Ledger movie A Knight's Tale and a remake of UK comedy Pulling.
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Watch the trailer for Fast Five below: