"Twin Peaks," which ran for two seasons on the ABC network in 1990 and 1991, was centered on an FBI agent investigating the murder of a homecoming queen in the small fictional town of Twin Peaks.
"The mysterious and special world of Twin Peaks is pulling us back. We're very excited. May the forest be with you," Lynch and Frost said in a statement.
Lynch will direct all nine episodes and also write and produce the new series with Frost.
The new limited series will be set in present day and will tackle "long-awaited answers," CBS Corp-owned Showtime said in a statement.
It will go into production in 2015 but it is not known if the original cast will return.