The Institute, which was released on Tuesday, follows a group of children with special telepathic powers who are taken to the title location. The children then have the staff at The Institute attempt to extract their powers from them.
Kelley and Bender are developing the series for Spyglass Media Group. The duo previously teamed up on on DirecTV's Mr. Mercedes, which is based on King's Bill Hodges Trilogy. Mr. Mercedes has been renewed for a third season.
Kelley (Big Little Lies, Goliath) will pen The Institute show and executive produce with Bender (Lost, The Last Ship) directing and executive producing.
"It's a privilege and a joy to be able to team with Stephen and Jack again," Kelley said in a statement. "Stephen has written yet another compelling and brilliant book. I cannot wait to jump in."
"I am thrilled to be working with Spyglass Media and couldn't be more excited that we'll be starting with Stephen Kings' extraordinary new book The Institute. Continuing to work with David Kelley only adds to the brilliance I am surrounded by," Bender said.