Erik Jendresen ("Band of Brothers") will pen the script for the eight-hour miniseries, according to Variety.
Producers are ABC Studios and Ventanarosa Productions, which is run by Hayek and her production partner Jose Tamez.
Gregory Maguire's "Wicked" was released in 1995; the sequel, entitled "Son of a Witch," arrived in 2005.
"Wicked: The Life and Times of the Wicked Witch of the West" is described in press notes as such: "When Dorothy triumphed over the Wicked Witch of the West in L. Frank Baum's classic tale, we heard only her side of the story. But what about her arch-nemesis, the mysterious Witch? Where did she come from? How did she become so wicked? And what is the true nature of evil?
"Gregory Maguire creates a fantasy world so rich and vivid that we will never look at Oz the same way again. 'Wicked' is about a land where animals talk and strive to be treated like first-class citizens, Munchkinlanders seek the comfort of middle-class stability, and the Tin Man becomes a victim of domestic violence. And then there is the little green-skinned girl named Elphaba, who will grow up to become the infamous Wicked Witch of the West, a smart, prickly, and misunderstood creature who challenges all our preconceived notions about the nature of good and evil."