The hour-long drama will focus in on a female vigilante who teams up with the fictitious outlaw and his Merry Men.
According to The Hollywood Reporter, Tze Chun of Cashmere Mafia will write the script of the story that is set in 1072 in England.
The series will follow the adventures of a noblewoman who attempts to free her wrongly-jailed boyfriend from Norman occupiers with the help of Robin of Locksley and his gang.
Sherwood will be executive produced by Dan Jinks (Emily Owens, MD).
If the show - which has reportedly been given a script commitment - makes it to air, it will join CW's freshman success Arrow and forthcoming Sex and the City prequel The Carrie Diaries.
The CW is also developing Amazon, a series centered on Wonder Woman, and a modern-day take on Alice in Wonderland.