The channel has ordered scripts from B7 Media as part of an expansion of its original drama output.
Elaine Pyke, commissioning editor for drama for Sky One, Two and Three, said the broadcaster was making the largest commitment to UK drama in its history, spending more than £10m - all on high definition productions - in 2008/9.
She said of the Blake project: "At a time when science fiction shows often discard good story-telling for overblown visual effects - and following the lead of Doctor Who and Battlestar Galactica - the time is ripe for a revival of a show that represents the best traditions of the genre, not to mention one of the best-loved and most successful dramas of all time."
Sky One announced it was adapting three books for the screen last month and recently added a production of Martina Cole's The Take and The Graft.
The original 1970s and '80s series was created by sci-fi TV writer Terry Nation for BBC One.