The film, which focused on the corrupt underworld of New York at the turn of the 19th Century featured Daniel Day-Lewis who played Bill 'The Butcher' alongside Leonardo DiCaprio and Cameron Diaz.
As per the reporters, 10 years after the movie picked up the Best Picture Oscar, Scorsese has teamed up with Miramax Studios to transform the story for TV.
The series will show gang culture from New York, Chicago and New Orleans.
"This time and era of America's history and heritage is rich with characters and stories that we could not fully explore in a two hour film. A television series allows us the time and creative freedom to bring this colorful world and all the implications it had and still does on our society, to life," said Scorsese.
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