Deadline reports that Singer will develop and executive produce a reboot of "The Twilight Zone" for CBS TV Studios. Outside of that, not much is known in the way of details for what the new version would consist of, or if it would differ from the iconic format established by the show that ran from 1959-1964. But should everything work out, the show will likely wind up on CBS (duh) or CW (ruh-roh -- let's hope this won't be the "Gossip Girl" take on the show) as those are the only two networks CBS Studios provides content to.
Of course, there is still a movie version brewing over at Warner Bros., but that film lost Matt Reeves as the director this fall, and there doesn't seem to be any movement on it at the moment. So we'll see if Singer can take the pole position. But just remember, a high profile name isn't a guarantee of success. Singer was involved with that "Munsters" reboot "Mockingbird Lane" that failed to get picked up despite a starry cast and an airing of the pilot on Halloween, so it could be a while before we go back to the zone.