Independent US studio Legendary will produce the show, which was originally produced by Fox for CBS and ran on the US network between 1965-1968.
The series will follow the adventures of a human family lost in outer space.
Deadline was the first to report the Lost in Space reboot has landed at Netflix. It reported that movie scribes Matt Sazama and Burk Sharpless (Dracula Untold) will pen the TV show.
Various efforts have been made to remake the series with a pilot made in 2003. There was also a late 1990s movie based on the show.