The 43-year-old filmmaker - who is best known for his work directing 2017's Thor: Ragnarok - will direct and co-write the pilot for a potential TV series based on Terry Gilliam's 1981 fantasy sci-fi movie.
According to The Wrap, the pilot is being created for Apple, with the potential to turn it into a full series if it is well received.
Anonymous Content, Paramount Television and Media Rights Capital are co-producing the episode, whilst Waititi, Gilliam, and Dan Halstead will also serve as the project's executive producers.
As of the time of writing, no cast members have been confirmed for the show, and no further information has been revealed.