Created by production company Two Four, the show 'Famous' will be an updated version of the hit Alan Parker film, BBC television series and stage musical that followed the exploits of young people at the School of Performing Arts in New York.
The show will be set in a London stage school and executives confirm the scripts will be as raw and gritty as the original, showing every element of the student's lives.
Sky will not be seeing the scripts until May, if approved they will be in production to be shown on Sky One in Spring 2008.
Along with this series, Sky is also considering a medical drama created by production company Size9, producers of BBC one-off drama 'Sweeney Todd', owned by actor Ray Winstone.