Steven Cragg and Brian Bradley, writers and producers of Happy Endings and Scrubs, are said to be adapting the classic sitcom for ABC.
The US version will centre around two brothers and their grandfather as they attempt various get-rich-quick schemes to become millionaires, much like John Sullivan's original BBC show, the Radio Times reports.
David Jason and Nicholas Lyndhurst starred in Only Fools and Horses for the BBC.
Originally airing between 1981 and 1991 and later followed by a number of Christmas specials, it attracted audiences of over 24m at its peak.
Other shows which have been remade for US audiences include Steptoe and Son, which became Sanford and Son and ran for six seasons between 1972 and 1977, and The Office, which is currently in its eighth season on NBC.
Only Fools and Horses creator Sullivan died in April 2011 at the age of 64. He had been suffering from viral pneumonia.
> Remembering... John Sullivan, 1946-2011
Watch a classic clip from Only Fools and Horses below: