The planned six-part drama is based on the novel by author Joan Lindsay, which told the story of the disappearance of three schoolgirls on Valentine's Day, 1900, in rural Victoria.

The project follows a string of successes Foxtel has had with reboots of classic properties, including the Prisoner remake Wentworth, and Devil's Playground, the sequel to the film of the same name.

The reboot of Picnic at Hanging Rock is to be written by Beatrix Christian and Alice Addison.

The project is being produced for Foxtel by Fremantle Media.

"It is testament to the originality of author Joan Lindsay that her novel, charting the chilling mystery of the inexplicable disappearance of the three school girls and their teacher at Hanging Rock, still feels just as fresh, unsettling and relevant today," Fremantle's head of drama Jo Porter said.

Porter said the series would explore "the underlying themes of gender, control, identity and burgeoning sexuality" in the novel.

Presently, the definitive version of the book is considered to be the 1975 film directed by Peter Weir.

The film, which starred Anne-Louise Lambert, Helen Morse, Rachel Roberts, Vivean Gray and Dominic Guard, was adapted from the novel by Cliff Green.

The book was also adapted for the stage in 1987 by Laura Annawyn Shamas, and a stage musical version of the book has also been produced.

In 2010, the BBC adapted the book for radio, with a cast that included Australian actor Simon Burke.

Foxtel's head of drama Penny Win she was a fan of the 1975 film adaptation.

"[The film] was pivotal in establishing the modern Australian film industry," Win said.

"The series, based on the classic novel, will take viewers on a new and in depth journey into this incredibly iconic Australian story."

Six one-hour episodes will be produced by Fremantle Media, with backing from Screen Australia.

Foxtel will premiere the series in 2017.