Deadline is reporting that James Cameron's Lightstorm Entertainment and 20th Century Fox TV are developing a television adaptation of True Lies, and it "is about to be taken out to the networks."
Cameron will serve as the executive producer of the show, which will have a very similar plot structure to the original film. The only other experience he has in television is with his show Dark Angel, which aired in 2000 for two seasons to only mild success despite being pretty popular with sci-fi fans.
Dark Angel executive producer Rene Echevarria is going to work on this one, too, as the primary writer of the program.
Whether you love Cameron or hate him, most people agree that True Lies is a great film. It's got everything going for it: action, sexiness and Arnold. One hurdle that may prevent this thing from actually being good would be if it does in fact get bought by one of the major networks. The amount of censorship would be limiting and would make it difficult for the show to capture the raw nature of the original.