The cable channel - home to such shows as White Collar and Suits - is developing a new series based on the iconic masked outlaw, Variety reports.
The show - simply titled Z - would be set in contemporary Los Angeles and would follow Diego Moreno as he rises from humble origins as an orphaned teen to become an infamous hero.
Grimm's Naren Shankar will serve as showrunner, with The Transporter director Louis Leterrier set to helm several episodes if the script is picked up to series.
The Zorro character was created by pulp writer Johnston McCulley and made his debut in August 1919's All-Story Weekly vol. 100 #2.
Famous screen adaptations of the character have included Douglas Fairbanks's 1920 movie The Mark of Zorro and the Antonio Banderas-starring The Mask of Zorro (1998) and its sequel The Legend of Zorro (2005).
Earlier this year, a futuristic reboot titled Zorro Reborn was reported to be in the works, with Gael Garcia Bernal linked to the lead role.
USA will make a final decision on whether to pick up Z to series in early 2013.
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Watch a trailer for 1998's The Mask of Zorro below: