According to Deadline, the streaming service has tapped writer Seth Grahame-Smith (Pride and Prejudice and Zombies) to pen a pilot and act as showrunner after it won the rights to the project over Apple in an auction. Hulu has previously produced an adaptation of King's novel 11/22/63 and the original King-inspired series Castle Rock.
Grahame-Smith said in a statement, "The goal for this series is to feel unlike any Stephen King adaptation before, with this rich underlying source material, and the only true fantasy book he wrote that has kings and swords and princesses. We will honor the spirit of the book and the legacy."
King famously wrote The Eyes of the Dragon for his daughter Naomi to read, since she was either too young for or not interested in his horror output. It was first published by the author himself in 1984 as a rare limited edition before a mass hardcover version arrived in 1987.
The story is very much a classic-style fantasy, featuring magical creatures, spells, potions, battles and escapes as it tells the story of two young brothers who both vie for the throne after the death of their father, King Roland the Good (that's a simplified synopsis of the plot, at least).
What makes The Eyes of the Dragon most interesting to hardcore King fans is that the kingdom the book takes place in, Delain, is set squarely within the universe of his epic saga The Dark Tower (it's located in In-World, which sits next to Mid-World and End-World). And the villain of the piece is none other than our old friend, Randall Flagg, antagonist of both King's The Stand and, under different aliases, The Dark Tower.
With both those latter stories in development again at CBS All Access and Amazon respectively, it will be interesting to see whether The Eyes of the Dragon taps into the Flagg mythos and the overall King universe.
The book was previously developed as an animated film in the early 2000s and as a series by SYFY in 2012. It's a relatively slim read (a little over 300 pages), but there's a lot of world-building that can be done from the source material if Hulu wants this to run for a while.