Mel Gibson famously starred as Scottish knight Wallace in the Oscar-winning 1995 film Braveheart.
The TV biopic will focus on Wallace's years spent trying to unify Scotland and will also explore his feud with King Edward the Longshank and rival Robert the Bruce.
Mick Davis (The Eleventh Hour) will write and executive produce the TV project, from STV Productions, Digital Rights Group, Nine/8 Entertainment and Creative Media.
"This was a turbulent time in Scotland's history, in which William Wallace had a starring and pivotal role," said STV director of content Alan Clements.
"We plan to delve deep into his character and explore his passions, bringing parts of history to life in a spectacular and raw depiction. With all eyes on Scotland in the current political climate, this also seems to be a very appropriate time to tell this story in more depth."
The series - which has been compared to both Starz drama Spartacus and HBO's Game of Thrones - will be shopped to broadcasters next month.
The film adaptation of Braveheart was criticised for its historical inaccuracy, but won five Oscars at the 68th Academy Awards, including the trophy for 'Best Picture' and 'Best Director' for Gibson.
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Watch the trailer for Braveheart below: