Lethal Weapon 5 would have had an older Riggs and Murtaugh trapped in a New York blizzard fighting a new enemy.
Chuck executive producer Matt Miller will write the pilot for a TV series based on the Lethal Weapon franchise.
The project is said to be a hybrid of a sequel and a remake, following Riggs' son as he tries to follow in his father's footsteps as a cop.
The studio is also considering remakes of The Wild Bunch, Westworld, The Dirty Dozen, Tarzan and Oh, God!
The actor is rumored to be meeting with Joel Silver about reprising his role as Martin Riggs.
Screenwriter Shane Black confirms the popular series will not be back.
Richard Donner, director of the first four films, is out and he says Mel Gibson passed on the fifth film as well.
The actor says the franchise is over for him.
Lethal Weapon and Goodfellas to make their way across the pond.
Studio also has plans for some highly popular TV on DVD properties.