Pulitzer Prize-winning playwright-screenwriter David Mamet will write the scripts while serving as an executive producer for the project, alongside non-writing Executive Producer Elliott Webb, the entertainment industry newspaper reported.
If a standalone trial-episode TV pilot is ordered, Mamet will direct it, the newspaper said.
If CBS decides to turn the pilot into a series, "Have Gun, Will Travel" could join the upcoming Western drama "Vegas," expected to premiere on CBS Sept. 25. That series stars Dennis Quaid and Michael Chiklis.
The original "Have Gun, Will Travel," starring Richard Boone, aired on CBS from 1957 through 1963. It was one of the top four shows on U.S. television during its first four seasons.
It was also one of the few TV shows to spawn a successful radio version, which began in 1958.
The original series, which ran for 225 episodes, was created by Sam Rolfe, who later wrote for "The Man from U.N.C.L.E.," and Herb Meadow, who also wrote for about 20 other television series.
Many of the original episodes were written by Gene Roddenberry, who went on to create the 1960s science fiction series "Star Trek."