The fantasy epic was first published in 1984, and tells the story of a 12-year-old boy who goes on a journey to save his dying mother.
Stranger Things executive producer and writer Curtis Gwinn is set to be the showrunner and writer for the series, with Matt and Ross Duffer executive producing alongside Spielberg.
Originally planning to make a film out of the book, the new adaptation will come in series form.
In 2018, Spielberg gave an update on progress of his dream project, telling Entertainment Weekly: “I feel that in the very near future, that’s going to be our richest collaboration. Universal bought the book for me, so it wasn’t optioned. It was an outright sale of the book.
“I’ve owned the book since ’82, and I’m hoping to get this movie made in the next couple of years. I’m not committing to the project as a director, I’m just saying that it’s something that I’ve wanted to see come to theaters for the last 35 years.”
Last month, Steven Spielberg penned an essay about why he believes cinema will never die. In a feature for Empire, the Jurassic Park filmmaker spoke to the current pandemic and explained why he was confident audiences would return to cinemas in future.
“In a movie theatre, you watch movies with the significant others in your life, but also in the company of strangers,” he wrote. “That’s the magic we experience when we go out to see a movie or a play or a concert or a comedy act.”