The Weta Workshop and New Zealand-based production company Pukeko Pictures will work on bringing the TV show back to life.
The new series, titled Thunderbirds Are Go!, will be a mixture of CGI animation and live-action model sets and is set to air in the U.K. in 2015.
Richard Taylor, co-owner of Pukeko Pictures and Weta Workshop, says, "It is thrilling to think we have the opportunity to work with ITV on this new series inspired by this most wonderful of British shows.
"I personally, together with the teams here at Pukeko Pictures and Weta Workshop, look forward to designing and creating an inspirational world that will engage the imagination of a whole new generation as it did for us nearly half a century ago."
Gerry Anderson, co-creator of the original Thunderbirds show, died on Christmas Day (25Dec12) at the age of 83.