The project will mark Wan's foray into television.
R Scott Gemmill, of "NCIS: Los Angeles fame", will pen the script and executive produce alongside Henry Winkler, who served in the same capacity on the original series, said The Hollywood Reporter.
Based on the Richard Dean Anderson-starrer series, the CBS take is described as a re-imagining of the TV series of the same name, following a 20-something MacGyver as he gets recruited into a clandestine organisation where he uses his knack for solving problems in unconventional ways to help prevent disasters from happening.
The original series ran for seven seasons and 139 episodes, spanning two TV movies on ABC in 1994.
Producers Paramount Television attempted a spin-off series, "Young MacGyver", starring "Supernatural" actor Jared Padalecki, but that did not move forward.
Wan, 38, was attached to direct New Line's long-planned "MacGyver" movie in 2012.