While development presumably lumbers on with the Leonardo DiCaprio-produced Twilight Zone movie, despite the recent loss of director Matt Reeves to Dawn of the Planet of the Apes, there's also work underway to get the show back on the airwaves. That seems like a better fit for what is, at its core, an anthology concept.
Entertainment Weekly have learned that Bryan Singer is set to Executive Produce a new Twilight Zone series for CBS TV Studios. They do say, however, that things are still at a very early stage, and it's not even a given that the show would go to the CBS Network.
This would be the fourth version of the show to go to air, or fifth if you count the cheeky pseudo spin-off Twilight Zone: Rod Lost Serling Classics. None of the do-overs really match the best of the original 1959-64 series, mind. Those Blu-rays are certainly amongst the best $200 I ever spent.