"Gosford Park" and "Downton Abbey" scribe Julian Fellowes is writing the four-part project, which is to begin shooting in Hungary this month, the BBC reported.
The ITV miniseries is to air next year in connection with the disaster's 100th anniversary.
The BBC quoted the project's producer Nigel Stafford Clark as saying the drama would "tell the story in a way that is bold, fresh and gripping, with all the human detail that television does so well."
The luxury liner sank after hitting an iceberg on its maiden voyage across the Atlantic Ocean in April 1912. More than 1,500 people perished in the disaster.