Palmer, 12, came to the world's attention after co-starring with actor Laurence Fishburne in the film about a young girl attempting to win a national spelling bee.
No details were available for the unnamed TV series, which will be produced by Lions Gate Television, The New York Post reported.
Lions Gate Television currently has the series "Dead Zone" on USA cable network and the teen drama "Wildfire" on ABC Family.
2014: The Year in Fashion [PHOTOS]
Say bye bye to Honey Boo Boo