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Published 11:33 4 Nov 2017 GMT
Updated 11:34 4 Nov 2017 GMT
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But the publication warns that there is "no deal set yet".
Any would-be Lord of the Rings series would likely take a Game of Thrones approach, according to The Hollywood Reporter.
Meanwhile, according to Deadline, the rights for the TV series would carry a massive price tag - and would not include all of the Lord of the Rings characters.
The Lord of the Rings trilogy, which consisted of The Fellowship of the Ring, The Two Towers, and Return of the King, grossed almost $3 billion at the worldwide box office.
All three movies were nominated for the Best Picture gong at the Academy Awards, with The Return of the King ultimately winning that as well as 10 more Oscars.
Peter Jackson returned to direct a second Tolkien trilogy, The Hobbit, which was released from 2012 to 2014.
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