CW is teaming with The O.C. creator-executive producer Josh Schwartz for Gossip Girl, a drama based on Alloy Entertainment's popular book series, according to The Hollywood Reporter.

The network has given a put pilot commitment to the project, from Alloy and Warner Bros. TV, which Schwartz and The O.C. executive producer Stephanie Savage are in negotiations to write and executive produce.

Gossip Girl is set in the world of privileged teenagers attending elite private schools in New York City.

Since the first book in the series was published in 2002, the Gossip Girl novels have consistently ranked high on New York Times' best-seller list. The most recent book, No. 9 in the series, was released in May.

Two and a half years ago, Gossip Girl was set up as a feature at Warner Bros. Pictures with Gilmore Girls creator Amy Sherman-Palladino on board to write the script and Lindsay Lohan attached to star. When the rights reverted to Alloy, the company's executives decided to develop the books for television.