The 53-year-old actor is reportedly in discussions to portray the heroic lead character in the proposed series' pilot episode, according to Entertainment Weekly.
The show is being developed by 'The Vampire Diaries' showrunner Kevin Williamson - whose other work includes 'Scream', 'The Faculty' and 'Dawson's Creek'.
The premise of the programme - which is being produced by Warner Bros. - is that it will chart the relationship between the killer and the FBI agent who arrested him.
The agent (Bacon) will be called back to work on the case when the murderer begins to use modern technology to inspire a cult of killers.
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If the pilot is well-received a 15-episode series is set to be commissioned by the Fox network.
Bacon is currently shooting his latest movie 'R.I.P.D.'.
The 'X-Men: First Class' actor stars in the film - an adaptation of a Dark Horse graphic novel - alongside Jeff Bridges and Ryan Reynolds and plays villain Bobby Hayes who kills a cop.
'R.I.P.D.' - which follows the exploits of the 'undead police' - is scheduled for release in June 2013.