This appears to be happening. BBC, Rolling Stone and the Hollywood Reporter have articles about the new series and Fox has an order for a “put pilot” which, from my reading pretty much guarantees that this will become a series. Matt Miller (Forever, Chuck) will do the writing and be one of the executive producers.
From the Hollywood Reporter “…the TV version centers on a Texas cop and former Navy SEAL Martin Riggs (originally played by Gibson) who, following the loss of his wife and baby, moves to Los Angeles to start anew. There, he gets partnered with LAPD detective Roger Murtaugh (Glover), who, having recently suffered a “minor” heart attack, must avoid any stress in his life.”
You can find the BBC article here
The Rolling Stone article here
And the Hollywood Reporter article here