Winfrey, 61, will also star on the TV series, which will air on her channel, OWN: Oprah Winfrey Network.
DuVernay is set to write, direct and executive produce the project in her TV series debut, reported Deadline.
Winfrey will executive produce. This is the first time that Winfrey would be acting in a series for her network. Filming is scheduled to begin later this year.
The contemporary series will chronicle a spirited woman, who leaves her upscale Los Angeles lifestyle behind to claim an inheritance from her recently departed father- an 800-acre sugar cane farm in the heart of Louisiana.
"From the moment I was introduced to the book, I was captivated by the idea of a modern woman wrestling with identity, family, culture and the echoes of history. To bring this kind of storytelling to life alongside Oprah for her network is wildly wonderful," DuVernay said.
The duo's 'Selma' has been nominated at the upcoming Academy Awards in the category of best picture.