20th Century Fox Television is producing the half-hour, coming-of-age comedy, which will focus on a black, middle-class family living in 1960s Alabama.
The show would air on ABC if officially green-lit.
Saladin Patterson is writing and executive producing the pilot.
No casting has been announced.
Daniels and Marc Velez will serve as executive producers on the project alongside Savage, who starred as a child in the original The Wonder Years, which ran 1988-93 and followed a white, suburban family during the 1960s.
Savage will also direct the pilot for the reboot.