The streaming service said the Quintanilla family has been involved in "Selena: The Series" and members are serving as executive producers.
Selena rose to prominence in the 1980s and '90s as a figure on the Tejano music scene who broke through to major mainstream success.
She was shot and killed at age 23 in Texas in 1995 by Yolanda Saldivar, her friend and the president of her fan club.
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Her albums, both the ones released during her lifetime and those released posthumously, have sold some 65 million units worldwide.
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Netflix describes the upcoming series as "A coming of age story following Selena as her dreams come true and all the heart-wrenching and life-changing choices she and her family have to make as they navigate success, family, and music."
The late pop star's sister Suzette Quintanilla said in a statement released by Netflix: "Selena will always have a lasting place in music history and we feel great responsibility to do justice to her memory. With this series, viewers will finally get the full history of Selena, our family, and the impact she has had on all of our lives."
Since her death, Selena has continued to be awarded posthumous honors, including a U.S. postage stamp, a wax figure at Madame Tussaud's in Hollywood and a star on the Hollywood Walk of Fame.
Movies have been made about her life, including the 1997 film "Selena" starring Jennifer Lopez.
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