A first pilot based on the Brian Michael Bendis comic was shot last year, but cable network FX declined to pick the project up to series.
However, FX president John Landgraf told IGN that a new pilot episode may now be shot.
"If we elect to move forward... I think we will just go back and reshoot the pilot from scratch, with a new cast in all probability," he confirmed.
However, Jason Patric - who played super-powered cop Det. Christian Walker in the original pilot - may be retained for any new Powers TV project.
"I think there's a possibility that some of the original cast members might return," said Landgraf. "Jason Patric certainly wants to look at the material and wants to render an opinion about whether he still wants to be involved in the project."
Lucy Punch (Hot Fuzz, Vexed) was originally cast opposite Patric, but her departure from the role of Deena Pilgrim was announced in February.