The as-yet unnamed series will focus on the 8th Air Force and will use Donald L. Miller's non-fiction book, "Masters of the Air: America's Bomber Boys Who Fought the Air War Against Nazi Germany," as source material, The Hollywood Reporter said.
Graham Yost, who wrote several episodes of the first two series, said he's eager to join the third project.
A timeline for production and release date for the series was not reported.
"Band of Brothers" cost $125 million to produce and won six of the 19 Emmys it was nominated for in 2001.
"The Pacific" cost $200 million and won eight Emmys in 2010.
Notable deaths of 2014 [PHOTOS]
Alyssa Milano departs ABC's 'Mistresses'