J.J. Abrams' production company and Warner Bros. Television secured the rights to "The Stops Along the Way" from Serling's wife, Carol.
"I'm terribly, wonderfully excited that J.J. is interested and going to do it," Carol Serling told Variety. "It was one of my husband's favorite pieces. He thought it had great potential."
She declined to disclose details about the story other than to say it involves "a little bit of fantasy, a little bit of imagination" and "takes place over a long period of time."
Best known as the host and main screenwriter of "The Twilight Zone," Serling died in June 1975 at the age of 50 after a series of heart attacks.
Abrams is a writer, director and producer. His work includes the TV series "Lost" and the two most recent "Star Trek" movies. He is also on-board to direct the next "Star Wars" feature.