The series adapts the Terry Gilliam-directed 1981 adventure-comedy that starred John Cleese and Sean Connery as historic figures encountered when eleven-year-old Kevin (Craig Warnock) embarks on a fantastical journey with time-jumping dwarves.
Waititi will also serve as executive producer alongside Gilliam and Dan Halsted (Garden State, People of Earth).
Anonymous Content (The Revenant, True Detective) backs the project with Paramount Television (A Series of Unfortunate Events, The Haunting of Hill House) and Media Rights Capital (22 Jump Street, Baby Driver).
Waititi last directed Marvel Studios' Thor threequel and is among the stable of directors aboard Jon Favreau's Star Wars television series The Mandalorian debuting on Disney+ later this year. Waititi also has feature Jojo Rabbit, starring Avengers: Endgame's Scarlett Johansson and Vice's Sam Rockwell, queued for release in the fall.
Amid calls for Waititi to helm Guardians of the Galaxy Vol. 3 after the project was left directorless in the wake of writer-director James Gunn's firing by Disney, Waititi has declined serving as Gunn's replacement but instead hopes to again team with Marvel Studios on another project.
"For me, those are James' films," Waititi said in February.
"Going into something like that with his stamp all over his films, would be like going into someone's house and saying 'Hey, I'm your new dad, and this is how we make peanut butter sandwiches now.' It feels kind of awkward."
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