Writer and showrunner Michael Chernuchin (Black Sails) will oversee the project and Televisa will team with indie prodco Atalaya Productions on the project.
Mexican media giant Televisa is the largest producer of Spanish-language programming in the world, and is making a concerted effort to ramp up its English-language offering.
It recently announced Dougray Scott thriller Duality and, with Starz, telenovela remake Maleficio.
The Aztecs will follow the ancient civilisation through the eyes of its people. A multi-ethnic cast will be assembled.
“The team we assembled is perfect to bring this shockingly tragic cultural tale to TV in an authentic and respectful way,” said Chris Philip, head of production and distribution for Televisa USA.
He added: “Intrigue, betrayal and romance will be part of this great story and it all will be told from the eyes of the people that built and lost this great civilisation.”