The actor, whose film 'Rocky' won the Oscar for Best Picture in 1977, is in negotiations to star in and will be the executive producer of Kansas City, a series from Taylor Sheridan and Terence Winter for Paramount.
It marks Stallone's first major lead television series, having guest starred on a number of classic shows such as 'Police Story' and 'Kojak' back in the 1970s and more recently in series such as 'This is Us'.
Kansas City brings together Sheridan, who is fast becoming one of the most significant television creators in the business with series such as 'Yellowstone', 'Mayor of Kingstown', '1883' and 'Winter', 'The Sopranos' writer and 'Boardwalk Empire' creator.
The series will be produced by 101 Studios, the company behind Sheridan's universe of series and MTV Entertainment Studios.
Kansas City follows a New York City Italian mobster, played by Stallone, forced to relocate to the most unlikely of places -- Kansas City, Missouri. Set in present day, legendary mobster Sal is faced with the startling task of reestablishing his Italian mafia family to the modernised, straight-shooting town of Kansas City.
There, Sal encounters surprising and unsuspecting characters who follow him along his unconventional path to power.
Winter, Sheridan, Stallone and his Balboa Productions partner, Braden Aftergood will serve as executive producers along with David C. Glasser, Ron Burkle and Bob Yari of 101 Studios. Winter will also serve as showrunner, and a writers room is up and running.
Stallone stars next in superhero film 'Samaritan and Guardians of the Galaxy 3', which is set for a 2023 release.
Glasser, CEO of 101 Studios, said, "Taylor is a prolific creator because of the multi-dimensional characters he creates and the complex worlds he builds. To be able to have the legendary, transcendent Sylvester playing one of these characters is truly a privilege."
"And on top of that, we have Terence producing the project with us, who is responsible for some of the most captivating and deeply respected television shows in history. We are thrilled that ViacomCBS has partnered with us to help tell this story."