Z will chronicle the story of orphaned teen Diego Moreno as he goes from raising his younger sister to becoming a master crime fighter in Los Angeles.
The series will be penned by Whit Brayton and Zack Rice, while The Incredible Hunk filmmaker Louis Leterrier has signed on to direct.
If it is picked up, it will air on the USA Network in early 2013, reports industry publication Variety.
Casting details have yet to be announced.
Actor Antonio Banderas has twice played the mysterious avenger on film, most recently in 2005's The Legend of Zorro.