JD Payne and Patrick McKay developing Lord of the Rings series for Amazon

The Lord of the Rings series just got one step closer to our screens. Photo / Supplied

Amazon Studios has named JD Payne and Patrick McKay as the writers for its upcoming Lord of the Rings series.

Payne and McKay have been working together since meeting on the high school debate team more than 20 years ago.

Their most recent projects include writing for Star Trek 4 and Disney's Jungle Cruise, and they've also set up their original 2017 Blacklist drama script Escape with Oscar-nominated producer Mike DeLuca.

The duo say they are "absolutely thrilled" to be bringing new life to the Lord of the Rings franchise.

"We feel like Frodo, setting out from the Shire with a great responsibility in our care — it is the beginning of the adventure of a lifetime," they say.

The story will not be a retelling of Peter Jackson's Lord of the Rings trilogy. It will be set before the events in the first of JRR Tolkien's LOTR novels, The Fellowship Of The Ring.

There is no indication of whether it will also take place before The Hobbit or between The Hobbit and LOTR, however Amazon Studios boss Jennifer Salke says, "we're not remaking the movies, but we're also not starting from scratch. So, it'll be characters you love".

Amazon Studios reportedly have a $1 billion budget for the series, which would make it the most expensive TV show ever made.

Salke says shooting may come to New Zealand, adding "we're going to have to go somewhere interesting that could provide those locations in a really authentic way, because we want it to look incredible.

"There's no shortage of ambition for the project. We'll go where we need to go to make it happen."

But for those wanting to see the series as soon as possible, Salke says it's not going to happen quickly.

Amazon acquired the TV rights to shoot the show for US$250 million after bidding against HBO and Netflix.