Lindelof is in early discussions to head the project, which is in the early stage of development, notes The Hollywood Reporter.
A fan of the 1986 comic by writer Alan Moore and artist Dave Gibbons, Lindelof has stated previously that Watchmen continues to influence his work.
"From the flashbacks to the nonlinear storytelling to the deeply flawed heroes, these are all elements that I try to put into everything I write," he told Comic Book Resources in 2009.
The series is HBO's second attempt at developing show based on the DC Comics property that features characters such as Doctor Manhattan, Nite Owl, Silk Spectre and Rorschach investigating the murder of one of their own before uncovering a dark conspiracy.
"Watchmen" was previously adapted into a feature film by director Zack Snyder in 2009. The movie grossed $185 million worldwide.
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