The original 1981 movie starred Gilliam’s Monty Python collaborators John Cleese and Michael Palin, as well as Shelley Duvall and James Bond actor Sean Connery.
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It told the wacky story of Kevin, a boy who discovers a time hole in his wardrobe. A group of dwarves who are former workers of the Supreme Being come through the hole and take Kevin on adventures across history, stopping everywhere from ancient Greece to the early 1900s.
They have stolen a map that charts all the holes in the space-time fabric, and use it to hop from one historical era to the next in order to steal riches.
Waititi will direct and co-write the pilot, as well as executive produce the series alongside Gilliam and producer Dan Halsted.
The director was recently announced as one of the people to helm the Disney+ Star Wars series, The Mandalorian, and the TV adaptation of his horror mockumentary, What We Do in the Shadows, is also coming out soon.