Oscar-winning screenwriter Philippa Boyens has written the script for the film, which is based on T A Barron's books.
The series follows the story of a young Merlin who would go on to become the mentor of the classic literary character King Arthur.
Disney is also in talks with Scott's production company Scott Free to produce the project along with Gil Netter, reported Variety.
Tendo Nagenda and Foster Driver are overseeing the project for the studio.
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