Last year, it was reported by Deadline in an interview with Phil Lord & Chris Miller that they had been working on multiple Spider-Man related TV series, saying that “We are developing a handful of live-action shows using Sony’s Marvel characters, of which there are like 900 characters."
Variety is reporting that Sony is developing a live-action series focused on Silk, a Korean-American girl who was bitten by the same spider as Peter Parker. Lauren Moon, credited for her work on the Freeform series "Good Trouble" and Netflix series "Atypical," is currently in talks to write.
Phil Lord and Chris Miller will act as executive producers alongside Amy Pascal. Amazon is reported as being the frontrunners in buying the distribution rights for the project. Also, while this and other Sony-owned Marvel projects are separate from Marvel Studios' MCU, there is always the possibility of crossover given the unique circumstances of Tom Holland's Spider-Man contract.
WHAT THIS MEANS
Silk is a recent Spider-Man character created by Dan Slott for one of the biggest Spider-Man related events, "Spider-Verse," which was adapted into an animated movie years later with Spider-Man: Enter the Spider-Verse. Silk, as known as Cindy Moon, is a Korean-American teenager bitten by the same genetically modified spider as Peter, but, unlike Peter, she didn't lead a normal life.
Instead, she was locked away in isolation for over a decade as a means of hiding her from a villain called Morlun and explaining anymore will make even a fan's head spin. So, it's unlikely that they'll use her convoluted backstory for this television show and could easily just remove Peter Parker from this universe as a factor and just have her be bitten.
As for its relation to the MCU, while Tiffany Espensen plays a characters named Cindy in both Spider-Man: Homecoming and Avengers: Infinity War, it's unlikely that actress or character will be the same as the one in this series. It's likely that Marvel Studios does not have any plans for the character, as this character naming was quite certainly just an Easter egg for fans.
But, considering Doctor Strange is venturing into exploring the multiverse, Tom Holland's renewed contract including crossovers into Sony projects, and Michael Keaton's Vulture appearing in the trailer for Morbius - anything is possible.