Elementary will transport Sir Arthur Conan Doyle's detective to present-day New York, according to Deadline.
The project has been devised and written by Medium scribe Rob Doherty, who will also executive produce alongside Justified 's Sarah Timberman and Carl Beverly.
BBC One drama Sherlock - which ended its second run on Sunday night - is also a contemporary update of Conan Doyle's stories, with Holmes (Benedict Cumberbatch) solving crimes in modern London.
Elementary was first announced in September, when Sherlock producer Sue Vertue used Twitter to remark on the similarity between the two projects.
She wrote: "Mmm interesting CBS, I'm surprised no one has thought of making a modern day version of Sherlock before, oh hang on, we have!"
The Sherlock series two finale pulled in 7.9m viewers for BBC One. The show has already been commissioned for a third series.
If picked up to series, Elementary will likely form part of the CBS 2012 fall schedule.
> Benedict Cumberbatch voted greatest ever on-screen Sherlock Holmes
Watch a clip from the Sherlock series two finale below: