Legacy - described as a "sexy soap" - is from The Princess Diaries producer Debra Martin Chase, Deadline reports.
The project is the second contemporary version of Great Expectations to be sold this television season. The CW is also working on an update of the Dickens classic - titled Expectations - with Reese Witherspoon on board as an executive producer.
The CW is competing against Fox as well, with the two networks developing rival versions of a Sleepy Hollow TV series.
Last year, ABC and The CW produced competing Beauty and the Beast pilots, with only The CW's version - starring Smallville's Kristin Kreuk - getting a series pick-up.
ABC's Legacy will be written and co-executive produced by Jeremy Anderson and Patrick Moss.
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Watch the trailer for the new film version of Great Expectations, starring Helena Bonham Carter and Ralph Fiennes, below: