Goalpost Pictures and children's, and comedy production house Sticky Pictures are in advanced development of a 26-part series that will keep 'The Sapphires' name in the spotlight.
The development process is supported by ABC and Screen NSW.
The story follows four Aboriginal girls through musical misadventures in a small Australian town.
The show will be aimed at kids and family audiences.
The Wayne Blair-directed movie took a more adult approach. With a story about four female singers who went to Vietnam to entertain American troops fighting in the Vietnam War, it premiered at a midnight screening in Cannes in 2012.
It went on to earn $14.2 million ($10.1 million at current exchange rates) at the Australian box office, and to collect 12 AACTA awards.
The picture was also released theatrically in 12 countries.
The movie was itself an adaptation of a musical stage play by Tony Briggs, which premiered in Melbourne in 2004
"We are working again with writers Tony Briggs and Keith Thompson. The magic that was created on screen for the original movie looks certain to appear again with the TV series, which, like the movie, will have a phenomenal soundtrack," said producer, Kylie du Fresne from Goalpost Pictures.
"The characters in 'The Sapphires' are strong and inspiring role models, and it is exciting for us to see the connection with a young audience."