Radio Times reports that Tony Jordan, who created Hustle and Life on Mars, is in the early stages of developing the remake.
It's believed that Jordan is using the original Lovejoy novels as source material and that the series, if picked up, is likely to be a co-production with his company Red Planet Pictures.
Lovejoy aired on BBC One for six series between 1986 and 1994. It starred Ian McShane as the swindling antiques dealer.
Downton Abbey's Phyllis Logan appeared as love interest Lady Jane, while Dudley Sutton played Lovejoy's friend Tinker and Chris Jury his assistant Eric Catchpole.
Malcolm Tierney, who died at the age of 75 in 2014, played rival antiques dealer Charlie Gimbert.
Watch a clip from Lovejoy below: