"The 2003 novel tells the story of Lin – a man on the run from an Australian prison looking to get lost in the teeming city of Bombay (now Mumbai). Cut off from family and friends by distance and fate, he finds a new life in the slums, bars and underworld of India," the Variety reported late on 7 June.
In January, it was announced that Anonymous Content and Paramount Television had won the rights to the book after a bidding war along with the rights to the sequel novel "The Mountain Shadow".
"Shantaram" has been published in 39 languages in 42 territories worldwide and sold six million copies.
"For the upcoming series, Eric Warren Singer will reportedly serve as the writer and executive producer along with David Manson and Andrea Barron as executive producers with Steve Golin and Nicole Clemens for Anonymous Content," the report added.
This comes just a day after the iPhone maker announced a series order for a half-hour series titled "Little Voices".
Previously, "Pirates of the Caribbean" actor Johnny Depp had gained rights to the book with Warner Bros. to develop it into a movie with Indian actors such as Konkana Sen Sharma and Amitabh Bachchan.