Updated April 7, 2016 at 4:07 p.m. EST: Marvel has confirmed Freeform's Cloak & Dagger live-action series, with Jeph Loeb calling it "exciting news."
“We are thrilled to be able to explore another corner of the Marvel Universe with Cloak and Dagger,” said Loeb, head of Marvel Television. “We want to thank Tandy and Tyrone's fans everywhere who have been waiting for this exciting news.”
While Loeb doesn't confirm this takes place in the Marvel Cinematic Universe, the phrase "another corner of the Marvel Universe" could be seen as a tacit statement that it exists in the shared live-action universe.
Original Story: A live-action Cloak and Dagger series is in development at the cable network Freeform, according to Variety. Formerly known as ABC Family, Freeform has reportedly ordered it "straight-to-series," describing it as a "superhero love story."
"The live-action interracial romance follows the duo, two teenagers from very different backgrounds, who find themselves burdened and awakened to newly acquired superpowers while falling in love," as Variety explains it.
"Tandy can emit light daggers and Tyrone has the ability to engulf others in darkness. They quickly learn they are better together than apart, but their feelings for each other make their already complicated world even more challenging."
In 2011, Marvel's head of television announced that the then-ABC Family network was working on a Cloak & Dagger series set in a "post-Hurricane Katrina New Orleans." It's unknown if that iteration of the project is connected to this 2016 project.
While Variety gives no information tying Cloak & Dagger to the Marvel Cinematic Universe, given that Freeform is a Disney-owned network, it likely is. Additionally, the Darkforce Dimension - which Cloak's powers are connected to in comic books - was heavily featured in the most recent season of Agent Carter, and has also been mentioned briefly in Agents of S.H.I.E.L.D. Additionally, Agent Carter co-showrunner Michele Fazekas told CBR that the Darkforce also has a tie-in connection to the upcoming Doctor Strange movie.
According to the Hollywood trade, Marvel Studios and ABC Signature Studios are currently searching for a writer for Cloak & Dagger.