Like the original, the new version will be set in Louisiana and will explore the relationships of several women who stick together through good times and bad.
Deadline.com said the new incarnation will take place in a contemporary setting.
Kenny Leon, who directed the 2008 ABC movie "A Raisin in the Sun" and "Fences" on Broadway in 2010, is on board to direct "Magnolias."
Although no cast has been set yet, the TV movie's producers intend to assemble a group of well-known African-American actresses to star in it, the entertainment news Web site said.
2014: The Year in Music [PHOTOS]